Prince George’s County economic development officials secured an agreement Thursday with their counterparts from South Korea in an attempt to increase business cooperation with a major U.S. trading partner.
Jim Coleman, President and CEO of Prince George’s County Economic Development Corp., signed the memorandum of understanding with Jonggun Lee, general director of the Korea Trade-Investment Promotion Agency, to allow small and mid-sized business owners in Prince George’s County to trade and collaborate with business owners in the East Asian country.
What makes this MOU valuable is South Korea’s status — it’s the sixth-largest trading partner with the United States. It’s also a top country in the United Nations International Telecommunication Union’s ICT Development Index, which measures information and communication technology benchmarks across countries.
“It’s one of the fastest-growing economies in the world,” said Jim Coleman, president and CEO of PGCEDC.
Coleman said he hopes the links lead to lucrative deals for local companies. “In the next two years, I suspect there will be about $100 million of exchange between KOTRA and PGCEDC,” Coleman said.
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