Maryland and South Korea

Maryland Gov. Larry Hogan, left, and South Korean President Kim Hak-Do have signed an agreement that will help businesses expand.

(The Center Square) – In an effort to increase Maryland’s Global Gateway Initiative, the state has created a new foreign relationship.

South Korean start-up agencies will now be working with Maryland’s incubators that will give the state’s companies an opportunity to do business in the state, Gov. Larry Hogan said. The agreement will also provide Maryland companies an opportunity to work at incubators in South Korea.

“Maryland is proud to have an unabashedly pro-business environment, and thanks to our world-class infrastructure, our premier universities and research institutions, and our continued leadership in key industry sectors, we have built an unrivaled ecosystem of job creation and economic growth,” Hogan said in a release. “Now, we are laser-focused on attracting even more foreign investment through our Global Gateway Initiative, and we are excited that KOSME is now the second partner to formally join this program and the very first in Asia.”

The country is the 12th-largest trading partner with Maryland, with more than $500 million in business taking place every year, according to the release.

The Global Gateway Initiative, according to the release, operates as a soft-landing program to bring foreign businesses to Maryland while at the same time easing its transition into the U.S. market. A $2 million investment was earmarked for the initiative, and 20 accelerators and incubators are operating in the state.

South Korea and Maryland, according to the release, in 2021 signed an agreement to cooperate that would give businesses from South Korea in the green and high-tech industries help gaining entry into the U.S. market. The expanded agreement now links the two through the Global Gateway program and South Korea’s Global Youth Startup Academy.

The South Korean incubator, which is a nonprofit organization the South Korean government funds, will give physical space, mentoring, education, and other services to Maryland businesses looking to expand their business in the country.

“Through the partnership established in 2021, KOSME and the state of Maryland have developed localization programs in the bio health and renewable energy sectors, which are core industries for both regions. These efforts laid a foundation for Korean SMEs to enter the U.S. market,” KOSME President Kim Hak-Do said in a release. “It’s very meaningful for us that KOSME has become a partner in Maryland’s Global Gateway Exchange initiative. KOSME will spare no support to help emerging companies from Maryland smoothly enter the Korean market, using the expertise and experiences in supporting startups and SMEs KOSME has accumulated since its establishment.”

Associate Editor

Brent Addleman is an Associate Editor and a veteran journalist with more than 25 years of experience. He has served as editor of newspapers in Pennsylvania and Texas, and has also worked at newspapers in Delaware, Maryland, New York, and Kentucky.