Joint Program to Support U.S. Expansion of Tech Innovation Hubs

The Federation of Korean American Chambers of Commerce (FOKACC), led by President Lee Kyung-chul, signed a Memorandum of Understanding (MOU) with the Korea R&D Special Zone Foundation (Chairman Jung Hee-kwon) at the Jeonbuk Tech Biz Center on the 21st (KST). The agreement aims to establish a joint program facilitating the entry of Korea’s tech innovation hub enterprises into the U.S. market.

Under this agreement, the Korea R&D Special Zone Foundation will collaborate with FOKACC to develop various strategies for achieving sustainable business success and global expansion for companies within the innovation zones.

The key aspects of the agreement include localization of technology-based companies, investment promotion, procurement and export assistance, and establishing partnerships to facilitate entry into the U.S. market.

Additionally, at the Global Boost-Up Program held on the same day, attendees received a strategic briefing on entering the U.S. procurement market through the Korean American Chamber’s extensive network. The event also featured practical business consultations.

Of particular interest was a session where U.S. public procurement experts shared strategies for entering the American market. The event also included an investment IR (Investor Relations) matching session between seven Korean innovation companies and venture capitalists (VCs) and angel investors operating in Silicon Valley. A one-on-one deep mentoring program with global VCs also drew significant attention.

Chairman Jung Hee-kwon of the Korea R&D Special Zone Foundation stated, “Starting next year, we will launch various programs such as the Global Boost-Up Project, overseas IR support, and local technology validation initiatives to strengthen the global capabilities of innovation hub companies. By securing cooperative networks with Korean entrepreneurs and other partners, we will ensure that tech-based companies can create business opportunities worldwide.”

The foundation has been collaborating with FOKACC since October last year when it introduced 15 deep-tech companies at the 21st World Korean Business Convention. This collaboration has already yielded tangible results, including the signing of 70 procurement contracts in the fields of natural product-based health supplements and floating solar power technology.

President Lee Kyung-chul emphasized, “For the first time, FOKACC will host the Korean American Business Convention (WKBC USA) in Atlanta in April 2025. We are committed to supporting the expansion and cooperation of Korean companies and government agencies in the U.S.”

Reporter: Lee Da-won

Source: AtlantaChosun
https://atlantachosun.com/news/405966