On November 17, 2009, Gyeonggi Province and the Gyeonggi Small and Medium-Sized Business Center hosted a signing ceremony in the Grand Ballroom of the Ramada Hotel, Suwon, to celebrate the success of the businesses selected for the 1st year business sponsorship program of the University of Texas (“UT Program”, from July 2008 to June 2009) with the aim of supporting the US market entry of Gyeonggi businesses and to congratulate the businesses selected for the 2nd year UT program (from July 2009 to June 2010).

Businesses involved in the 1st year program and the 2nd year program as well as the US partners were invited, and the ceremony featured a report of the successful results of the 1st year UT program, the signing of the exports contracts, and the final announcement of the 12 winners for the 2nd year UT program.

The UT program sponsored by Gyeonggi Province aims to help small and medium-sized businesses in Gyeonggi Province that are equipped with excellent technology but have difficulties achieving US market entry. Those who are successful in the program have the opportunity to use the network of UT in the US, test the feasibility of the commercialization of their products with related tech firms, and advance into the US market with matched business partners.

The achievements of the 1st year program include export contracts for five businesses amounting to USD 14,758,000. Four businesses are scheduled to conclude export agreements amounting to USD 9,276,000 in 2009, and three businesses have entered into MOUs with leading US partners. The amount of exports in 2009 exceeded USD 14 million, and it is expected that the annual amount will exceed USD 46 million by 2013.

A spokesperson for Gyeonggi Province said, “The UT program has been very well-received by businesses. The ratio of candidates to accepted was 14 to one in the screening for the 2nd year UT program. We planned to select 12 businesses, and 170 candidates have applied for the program. The Province plans to actively foster the program into a leading global business development program in the future.”