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San Bernardino County to Lead Trade Mission to South Korea April 20-27
San Bernardino County (SBC) Board of Supervisors Chairman Curt Hagman and Fifth District Supervisor Robert Lovingood are slated to lead a trade mission to South Korea from Saturday, April 20 to the following Saturday, April 27 in hopes of expanding trade and investment opportunities for the county. South Korean Foreign Direct Investment (FDI) into the United States has more than doubled in recent years, increasing from $19.9 billion in 2011 to $40.9 billion in 2016; the SBC mission will enhance relationships with South Korea in hopes of attracting more FDI.
“This mission is a tremendous opportunity for businesses in our county to grow their exports and foster international trade. By doing so, we ultimately enhance the performance of businesses here at home and drive job creation in the county,” said Chairman Hagman. “Supervisor Robert Lovingood and I are looking forward to working with the county’s business community in face-to-face meetings with our government and private-sector counterparts in South Korea.”
South Korea is currently California’s sixth largest export destination. In 2017, California exported more than $9.6 billion to South Korea, making California the top U.S. exporting state to South Korea. SBC companies in all industry sectors are participating or will be invited to participate in this trade mission.
“Strengthening ties between our county and South Korean business leaders during this mission allows for our Economic Development Agency to work directly with Korean businesses that may be considering an investment in the county,” said Supervisor Lovingood. “In addition to marketing San Bernardino County’s products and services, this mission provides an opportunity for us to connect with and assist Korean companies wishing to establish or expand operations here in the county.”
Company recruitment for the South Korea mission is expected to begin soon and will be handled through the County of San Bernardino Economic Development Agency (EDA). The SCB EDA is promoting an international trade and investment program throughout the county. The primary goal of this program is to inform businesses about opportunities to expand markets on a global scale and attract investment from abroad.
Companies participating in the South Korea mission will have one-on-one, pre-qualified appointments targeted to their objectives, whether looking to develop or expand direct export sales, locating distributors or agents, or conducting market research, or other goals. The South Korea mission will also complement the recent trends observed regarding businesses reshoring their manufacturing operations back to the US.
SBC offers compelling advantages for companies with offshore operations that are seeking to simplify their supply chains, reduce labor costs and bring jobs back into the US. Over 10,000 total US jobs were restored from Korea between 2010-16. The SBC trade mission will enhance awareness of the county as a destination for manufacturers interested in strategic reshoring.
To learn more about this SBC EDA’s program or other key initiatives or services offered within the county, go to: http://www.sbcountyadvantage.com.