Korea SMEs and Startups Agency has opened its first office in the Pacific Northwest in Seattle as it seeks to expand business in the region.
The office will seek to diversify and grow an already valuable business and trade relationship between South Korea and the Puget Sound region. According to economic development agency Greater Seattle Partners – which brokered the deal – South Korea is one of the largest two-way trading partners with the Northwest Seaport Alliance (a partnership between the ports of Tacoma and Seattle), and accounted for more than $2 billion in export value last year.
“This memorandum of cooperation reinforces our long-standing relationship with a valuable international trade and business development partner,” says Greater Seattle Partners CEO Brian McGowan.
The agency, known as KOSME, has business incubators in four other United States cities. It provides funding to help businesses expand operations, invest in product development and improve business practices. It says its new Seattle office will act as an innovation hub for entrepreneurs.
According to a press release, the deal “establishes two-way knowledge sharing and collaboration which will advance business development opportunities and support the ongoing relationship between greater Seattle and South Korea.”
Last April, Enterprise Ireland announced that it would also open a business development office in Seattle, its sixth in the United States.