As we prepare for another year’s events, the OKGIT wanted to look back and share a great video from our friends at the Consular General of South Korea, based out of Houston, Texas.
If you missed the October 2016 version of the Oklahoma Department of Commerce’s monthly publication, The New Pioneer, you may have missed the good news for Oklahoma’s aerospace and defense industry, whose products and parts account for $4.1 million in Oklahoman exports to the Republic of South Korea, an astounding 350 percent increase from the previous year.
“Oklahoma Secretary of State Chris Benge signed a memorandum of understanding (MOU) with officials from the South Korean province of South Gyeongsang. The signing took place in Changwon, South Korea with a small delegation, including a representative from the Oklahoma Department of Commerce joining Secretary Benge.
The agreement is the result of months of work by both parties and fosters collaboration and trade through the exchange of industry expertise and reciprocal visits by senior officials.
Both regions have a large presence in the aerospace sector. Oklahoma is home to the American Airlines facility in Tulsa, the largest commercial aircraft maintenance repair and overhaul (MRO) depot in the world and the largest U.S. Department of Defense depot at Tinker AFB in Oklahoma City. Gyeongsang is the largest province in South Korea for manufacturing and the South Korean economy is the world’s 11th largest.
“Both Oklahoma and South Gyeongsang are internationally recognized as hubs for the aerospace industry, and leaders in manufacturing and innovation,” said Benge. “This reciprocal agreement is a win-win for both parties and brings with it many potential opportunities for Oklahoma companies to expand sales of products made here to the growing South Korean market.”
The MOU and recent dialog among government leaders serve as a framework for South Korean companies to invest in Oklahoma and create new jobs in the state.”
(Top photo: Oklahoma Secretary of State Chris Benge signed an MOU with officials from the South Korean province of South Gyeongsang in September 2016. Courtesy of Oklahoma Department of Commerce.)
There is an excellent opportunity for Oklahoma businesses to send a delegate to the 10th Global Project Plaza in Seoul, South Korea on May 24-26, which includes a free round trip flight and three night stay at the InterContinental Seoul COEX.
Global Project Plaza is the principal global platform for industry/resource cooperation. Held every year since 2008, the event is designed to develop a more concrete business relationship and explore potential contract opportunities between guests from overseas and Korean contractors. GPP is designed to nurture stronger relations with reputable Korean companies in the construction, energy, plant, engineering (EPC) and finance industries.
The deadline to apply closes Friday, April 15, so don’t hesitate to throw your hat in the ring for this exciting opportunity shared with us from the Oklahoma Department of Commerce.
For more information or if interested in attending, please contact Benjamin Brand from the KOTRA North America HQ office in New York City at 212-826-0900 ext. 225 or by email firstname.lastname@example.org. Deadline for applicants is April 15th.
Download the brochure at http://tinyurl.com/jzvmvoc.
Shared from our friends over at GlobalTrade.net, Oklahoma businesses have a ready and willing partner in commerce with the U.S.’ sixth largest trading partner, the Republic of South Korea.
Operating under a free trade agreement since 2012, the U.S.-South Korea relationship looks to grow as 95 percent of tariffs on American imports are expected to be eliminated by March 2017.
According to the latest GlobalTrade report, opportunities to contribute to the $114 billion in U.S.-South Korean trade relationship for American firms can be found int he agricultural product, general machinery and energy production sectors.
To read the full report from GlobalTrade.net, please click here.