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Korean partnership conference in Chicago

Thursday 18 October, 2012

After moving back to Chicago for @ least a short while, I made it to the lunch @ the Korean Trade-Investment Agency’s Global Partnership Forum 2012 @ the Rosemont convention center. You can see the program here .  Here are some highlights from the presentations earlier in the day:

Jay Eizenstat of McDermott, Will, & Emory provided an overview of the Korean-US Free Trade Agreement which has been recently implemented.  Exports from the US to Korea will increase 41% from 2006 to 2012 from $18B to $26B.  Imports from Korea to the US will increase 31% from $27B to $35B.  The general benefits of KORUS are;

  • duty elimination/reduction on originating products encourages greater access for US autos in Korea & 2/3 of US agricultural products enjoy immediate duty-free access to Korea
  • easy to administer rules of origin-based on criteria for originating goods, are clearly spelled out, & easily adminstered
  • easy to make claim for preferential treatment-certification optional
  • services market access-finance, telecommunications, audiovisual, legal, express delivery, & investor protections
  • intellectual property rights-cutting edge, comprehensive IP protection for tradmarks, copyrights, & patents, & enforcement against piracy & counterfeiting grounded in WIPO & TRIPS
  • sanitary/phytosanitary (SPS) & technical barriers to trade (TBT) disciplines
  • pharmaceuticals-fair, reasonable, non-discriminatory, values patented products, establishes committee review for reimbursement rates
  • customs trade facilitation-simplified procedures & publication of laws, regulations, & procedures

case studies

  • heavy equipment-component duty elimination reduces costs
  • agricultural equipment-tariffs on mechanical agricultural sprayers reduced from 8% to 0 over the next 3 years when entering Korea from the US
  • vehicle components-8% Korean tariff on gear boxes, & drive axles drops to 0 immediately
  • cars & suv’s-Korean tariff will decrease from 8% to 0 over next 5 years

Rita Athas of World Business Chicago brought out a few details about the Korea-Chicago relationship

  • Chicago was the recipient of $226M in Korean automotive imports last year
  • Chicago is host to 20+ Korean companies, including Samsung & LG;  14 Korean Small Business Corporation Business Development Center firms;  & 7547 Korean-American-owned businesses
  • Chicago is the 3rd largest Korean community in the US & Korean students are the 3rd largest group (4450) of students in Illinois
  • Chicago Customs District imports $7.2B & exports $1.7B from/to Korea

Jaesun Uh of Kotra summarized Kotra’s Global Partnership program process of business promotion, a number of case studies, & offered some tidbits of information about Korea’s economy:

  • Korea is #5 for R&D expenditure for 2010 @ 3% of GDP
  • Korea ranks #4 for number of international patent applications with 1,514,183 during 2003-2009, & 50.1 researchers/10,000 people
  • Korea has FTA’s with 2/3 of world markets, worth 61% of world GDP, 46.2% of world trade volume, & 39.7% of world population

Here are the Korea companies seeking partners in the US

  1. A-Ryung Machinery
  2. CM Partner Inc.
  3. Dae Chang Forging Co. Ltd
  4. Daedong Gear Co Ltd
  5. Daekeum Geowell Co Ltd
  6. Daelim Motor
  7. Dae Ryang Ind. Co Ltd
  8. Daeshin Metal Mfg Co Ltd
  9. Daesun Hi-Tech Co Ltd
  10. Daou Precision Ind Co
  11. Dong Jin Electric & Machinery
  12. Dongwon
  13. Doowon Fluid Connectors, Inc
  14. Felix Technology Co Ltd
  15. Glosco Ltd
  16. GMB
  17. GS Gear
  18. Hanarotech Co ltd
  19. Hanil Forging Industries
  20. Hanjoo Metal Ltd
  21. Heungkuk Metaltech
  22. Hwashin Tech Co Ltd
  23. Hyolim Industrial Co Ltd
  24. Iljin USA
  25. Iljin Steel Corp
  26. INZI Controls Co Ltd
  27. J&L Tech Co Ltd
  28. Jinhap Co Ltd
  29. Jinhung Ind Co Ltd
  30. Jung-A hydraulic Co Ltd
  31. Kodima Co Ltd
  32. Korea Flange Co Ltd
  33. Kunhwa
  34. LSIS
  35. MB Shiroyama
  36. Mirae VC Co Ltd
  37. Nedec Co Ltd
  38. Nokwon Co Ltd
  39. Onegene Co
  40. S&S Metal Co Ltd
  41. Samsung Climate Control Co Ltd
  42. Samu Dies Corp
  43. Samwon Tech USA Inc
  44. Sangshin Ind Co Ltd
  45. Sangsin Brake
  46. SAS Co Ltd
  47. SBBTech
  48. SeA Mechanics Co Ltd
  49. Semyung Industrial
  50. Seojincam Co Ltd
  51. SI Automotive
  52. Simmons IK Co Ltd
  53. Sinteron Co Ltd
  54. S&T Motiv
  55. Sungjin Fo-Ma Inc
  56. Sungwoo Automotive
  57. Taeyang America Corp
  58. Ryang Industry Co Ltd
  59. Woojin Eng Co Ltd
  60. Woorim Machinery  Co Ltd
  61. Woosung Precision Industrial Co Ltd
  62. Yoolim Industrial Co Ltd
  63. Yushin Precision Ind Co Ltd

Let me know if you would like to contact any of these firms & I’ll put you in touch with the personal contact information that I have.

 

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