Direct Investment from Korea to the U.S. More Than Doubled
FLOR/KOR successfully carried out its 2017 Florida-Korea Business Summit Program. This year's Summit was hosted by and presented in partnership with PortMiami.
- Miami, FL (1888PressRelease) March 24, 2017 - During the Annual FLOR/KOR Summit, Minister Counselor Chang Kyu Kim announced that Korean foreign direct investment to the U.S. more than doubled from US$2.2 billion to US$5.7 billion.
Both Samsung and LG have announced plans for major investment projects in the U.S. Also, Eric Olafson Manager of Trade Development for PortMiami, mentioned that according to the most recent quarterly data, the Port's trade with Asia has increased 16% since October of last year.
Kim, Minister Counselor for Trade, Industry and Energy at the Embassy of the Republic of Korea in the U.S. delivered the keynote remarks, and the Honorable Jose "Pepe" Diaz, Miami-Dade County Commissioner, gave welcome remarks on behalf of Miami-Dade County.
Olafson was a speaker on the Trade, Investment & Business Ties panel along with Korea's Honorary Consul General in Miami, Burton Landy, and the President & Chief Representative of the Korea International Trade Association's (KITA) Washington, D.C. office, Mr. Minsok Chu. Dr. Kimi Springsteen, Ph.D. FLOR/KOR Chair, provided remarks towards the end of the program.
The Summit was presented in partnership with and hosted by PortMiami, with additional support from the Korea Trade Center - Miami (KOTRA), Enterprise Florida, The Florida Department of Economic Opportunity, KITA, the Florida Chamber, and the World Trade Center Miami.
South Korea is the world's fifteenth largest economy and the third largest in East Asia. It is also one of Florida's largest trading partners - with over $2.22 billion in bilateral trade in 2015. Some 35 key Korean companies and organizations have chosen to invest in Florida's economy statewide, and Miami has both a Korea Trade Center (KOTRA Miami) and an Honorary Korean Consul General, Mr. Burton A. Landy. The country implemented the Korea-US Free Trade Agreements (KORUS FTA) in 2012, and has been increasing activity investment abroad.
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