Governor Kim’s North American Visit and Accomplishments

– USD 212 million in investments from five companies and new jobs in future industries
– Reinforced ties with British Columbia and Michigan while promoting Korea
– Laying foundation for provincial medical tourism and textile exports to US

Leading the Gyeonggi Investment and Trade Delegation, Governor Kim Moon-soo visited the United States and Canada for eight days and returned to Korea on April 24th. 

This is Governor Kim’s fifth trip abroad and the second to the North American region since he was re-elected in June of 2010. Gyeonggi Province pinpoints investment and cooperation agreements as the two most important achievements of this trip. Not only did the delegation succeed in attracting investment from some of the most advanced companies in North America, it also established firm ground for local textile and apparel export. The members of the delegation agree that it was a demanding trip overall, jokingly referring to the journey as “nosebleed-inducing.”

Overseas Investment Details

Governor Kim first visited Vancouver in Canada before moving on to New Haven, New York, Detroit, and Los Angeles in the United States. The delegation was able to attract USD 212 million in investment from five companies. Cutting-edge sectors such as energy, semiconductors, and R&D appear promising in Gyeonggi Province. (Refer to chart 1)

Each investment agreement comes with a story. GE’s investment may not be large in terms of dollars but is meaningful because it will be concentrated in the R&D field. The investment will go to the Pangyo Global R&D Center for the construction of a pan-Asian general R&D center dedicated to energy, smart grids, electronic cars, water processing, wind power, and other green technologies. 

The investment affirms the international caliber of Gyeonggi Province’s R&D human resources. This is good newsfor the Pangyo Techno Valley, Gyeonggi Province’s long-running project. 

Getting Canada’s Moimstone to invest is a breakthrough achievement because it presents a new global investment attraction model. Moimstone CEO Lee Chang-u went to Canada with his new technology and found his company on local investments. Now the company has grown enough to invest in the founder’s homeland. Ties with NEO, based in Toronto, will enable Korea to produce GaC13, the base material for LED semiconductors. MOLEX will be investing in ultra-thin electric connectors for PC, cell phones, LCD, and other electronics. It is forecast to produce KRW 21.733 billion’s worth of products for the next five years and reach up to KRW 54 billion in import substitution. The explosive growth is expected to generate over 400 jobs further enhancing the local economy. 

A Speech to be Remembered

Another great achievement was the promotion of exchange and collaboration. As official coverage reports, Governor Kim delivered a speech at the Council of Foreign Relations (CFR) in New York, met with Dr. Alvin Toffler, and was interviewed by Bloomberg. During that interview, Governor Kim referred to issues such as South/North Korea relations, the rise of China and the reconfiguration of East Asia, the Korea-US FTA, and other current issuesof related interest. CFR President Richard Haass greeted Governor Kim in person, and the two had a privatedisucssion for twenty-five minutes prior to the governor’s address. Gyeonggi Province Spokesperson Kim Yong-sam said, “I received the impression that President Haass undertook considerable research on Governor Kim.” Haass remarked, “I hope Korea achieves unification in our lifetime. I look forward to seeing a president who is elected by both North and South Koreans.” At the conference, the Council jokingly introduced the governor as “a strong presidential candidate and taxi driver.”

The Future of Medical Tourism and Fabric Industry in United States

On April 21, the delegation met with Michigan Governor Rick Snyder at the Link Engineering Technical Center in Dearborn. Governor Kim brought up the dominant car industry of Michigan, especially in Detroit, emphasizing, “TheUS and Korea must combine powers to make their mark in the international car market. Gyeonggi Province is known for producing quality car parts.” He went on to suggest, “If Michigan can provide incentives for Korean car partmanufacturers, the Gyeonggi Provincial Government will help them expand in the United States.” Governor Snyderresponded positively to the proposition and expressed keen interest in providing industrial estates. There will be a follow-up meeting in the near future.

The visit resulted in a giant step forward for Gyeonggi Province’s apparel and textile industry. The delegation also hosted a presentation on medical tourism in Gyeonggi Province in New York and Los Angeles — both events were so well attended that some participants had to stand. A Gyeonggi Province official remarked, “Healthcare is expensive in the United States. Many Korean seniors are unable to enjoy medical benefits. We are preparing a program through which patients can receive treatment in Gyeonggi Province’s clinics and then return home to the US where they will be cared for via online video consultations. There will be more medical tourism presentations for Korean Americans in the future.

The Gyeonggi Provincial Government also opened new export routes for mid-to-small knit producers in the region through the LA-Gyeonggi Textile Center. The government will operate a textile marketing center in Java Market, Los Angeles, to promote local textile exports in the United States.

Gyeonggi Province will promote direct connections between fabric manufacturers in Gyeonggi Province and Korean-owned companies in the United States, analyze US market trends, and support product development.

Governor Kim took part in a gathering of future Korean leaders in New York where he stated, “I hope to see more young Koreans working for the good of their home country.” He encouraged teamwork among overseas Korean communities. 

A Gyeonggi Province official said, “The delegation suffered from lack of sleep because of the hectic schedule, but felt extremely rewarded. As a result of the visit, Gyeonggi Province is even more competitive. Exchange with British Colombia and Michigan will continue as well as efforts to further develop the textile industry and medical tourism.”

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