2009.11.18 (The Korea Herald)

Gyeonggi Governor Kim Moon-Soo (right) and Sid Burback (left), director of UT-IC2, congratulate Song Jin-il (second from left), CEO of Fastech, and Glen Mchalske, senior executive of PBC, after the two companies signed a joint global sales deal in Suwon yesterday. [Gyeonggi Province]

Five small and medium-sized businesses in Gyeonggi Province have succeeded in entering the U.S. market thanks to collaboration between the provincial government and the University of Texas, officials said yesterday. Since last year, Korean businesses manufacturing parts for automobiles, LEDs and air conditioners have signed contracts worth $14.75 million with companies in the United States.

The provincial government and University of Texas have been jointly operating a supportive program for Korean SMEs in Gyeonggi seeking business opportunities outside the country.

Until the end of 2011, UT will play a role in finding suitable business partners in the United States after testing technological competitiveness of Korean SMEs. Gyeonggi plans to spend $4.25 million on the project.

Wheel Corporation, an auto parts maker in Hwaseong, southwestern part of Gyeonggi, yesterday signed a letter of intent on a $6 million contract with Visteon, a global automotive supplier once owned by Ford. The two sides are currently conducting performance testing of products.

Aluminum Palette also signed a memorandum of understanding with Dell for aluminum parts development project and Fastech signed a joint sales deal with PBC.

The collaboration will continue to support other business talks between Korean SMEs and U.S. companies, Gyeonggi Governor Kim Moon-soo said during a signing ceremony held in Suwon yesterday.

“Four companies are proceeding with $9.27 million contracts with U.S. companies while three others have signed MOUs with companies,” an official said

“We expect to export $46 million worth products (to the U.S. market) by the year 2013,” he added.

(christory@heraldm.com)

By Cho Chung-un

http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2009/11/18/200911180057.asp