SUWON, GYEONGGI PROVINCE, SOUTH KOREA - September 14, 2010 - Governor Arnold Schwarzenegger and Governor Kim Moon-Soo of South Korea’s Gyeonggi Province, met at the historic Hwaseong Haenggung Palace to sign a Memorandum of Understanding (MOU) to increase collaboration on trade and technology between California and Gyeonggi Province. California represents an economic force that rivals many nations and regions in their respective nations and Gyeonggi Province is the largest administrative region in Korea. Enhancing cooperation will mean greater investment and trade between the two regions. California exports more products to Korea than any other state in the US, therefore strengthening ties is in California's interest.
“Much like California is to the U.S., Gyeonggi Province is a global economic leader and a driving force in the Korean economy – and today, California is strengthening its bond with this dynamic region,” said Governor Schwarzenegger. “California and Gyeonggi Province will now work closely together to promote technology; develop business and investment opportunities in the public and private sectors; and have teachers and students work together and share ideas. Strengthening our relationship with the economic stronghold of one of our top five trading partners will allow California increased access to the South Korean market, providing opportunities to increase exports and promote California.”
The MOU highlights cooperation that will be good for both parties and will grow their bond. California and Gyeonggi Province agreed to sever different objectives that will make doing business with one another easier and facilitate intellectual conversation to explore the promotion of international trade. These activities will take the form of providing information, liaison and support to prospective businesses interested in bilateral trade and investment; identifying educational opportunities for professors, researchers and students in the areas of technology and business administration; and sharing strategies and policies that assist in the promotion and development of international trade and investment activities.
South Korea is one of the fastest growing economies in the world and is California’s fifth largest trading partner, with nearly $6 billion in California goods exported in 2009. Between 2002 and 2009, California exports to South Korea increased 64 percent.
Full Text of the MOU is below:
MEMORANDUM OF UNDERSTANDING ON COOPERATION BETWEEN GYEONGGI PROVINCE AND THE STATE OF CALIFORNIA
Recognizing that we live in an era of growing interdependence where increased international cooperation and collaborative partnerships are important to the greater understanding of cultures and peoples, the development of economic and political freedom of individuals, the promotion of the health and welfare of our environment, and the support of the economic and cultural development of our societies;
WHEREAS, people of Korean descent living in the State of California contribute to the rich culture that makes California the most diverse state in the United States of America;
WHEREAS, California's Korean community represents a dynamic group of professionals in business, education, public service, non-profit organizations and other areas;
WHEREAS, Gyeonggi Province, the largest local administrative region in the Republic of Korea serves as a primary agent of the Korean economy as well as a driving force in the creation of opportunities and conditions for national growth; and
WHEREAS, Gyeonggi Province and the State of California are preeminent regions in their respective nations and global economic leaders, making enhanced inter-regional cooperation imperative in order to attain mutually beneficial working relations in highly dynamic and competitive world markets;
NOW THEREFORE the Gyeonggi Province and the State of California, desiring to develop deeper social, economic, educational, and political ties between their two peoples, have reached the following understanding:
1. This Memorandum of Understanding aims to identify areas for mutually beneficial cooperation between Gyeonggi Province and the State of California (hereinafter referred to as the “Participants”) and to subsequently foster stronger ties and facilitate cooperation between the two regions in the identified areas.
2. The Participants will endeavor to foster and promote technology, and to develop, support and encourage mutual business development and investment opportunities through business interaction in the public and private sectors where there is identifiable common ground and aspirations.
3. To facilitate cooperation under this Memorandum of Understanding, the Participants will:
a) keep each other informed of important economic and civic issues;
b) provide information, liaison and support to prospective businesses interested in bilateral trade, investment, and trade and business opportunities, so as to facilitate access to each other's markets;
c) encourage the coordination of economic missions in areas of mutual interest and collaboration with other levels of government when appropriate;
d) identify educational opportunities for professors, researchers and students that will assist in the exchange of ideas in the areas of technology and business administration;
e) share strategies and policies that assist in the promotion and development of international trade and investment activities; and
f) undertake any other activities that may be jointly decided upon by the Participants.
4. The Participants will meet on a regular basis, alternately in California and Gyeonggi Province, to discuss mutual areas of opportunity and to explore ways to foster deeper ties between their two regions.
5. This Memorandum of Understanding is not intended to create any legal obligations and will be carried out within the framework of the respective laws and regulations of the two countries and subject to the availability of appropriate funds and personnel of the Participants.
6. This Memorandum of Understanding will come into effect upon signature and remain in effect for a period of two years. The Memorandum of Understanding may be extended if both Participants jointly decide to do so, in writing, prior to the date of termination.
Signed in duplicate [at , on ] in the English language.
For Gyeonggi Province For the State of California
