The Seoul Business Agency (SBA) has spearheaded an initiative to bolster the international presence of ten promising bio-healthcare companies from Seoul. The program included one-on-one business meetings and visits to key industry innovation centers in New York and Boston, aimed at establishing essential networks and facilitating entries into the U.S. market.
From July 7 to 13, the SBA organized customized business meetings to align with the unique needs of each participating company. This initiative was designed to enhance the North American market entry potential of Seoul's firms through in-depth exposure to local industry trends and market intelligence.
Participating companies included five Hi-Seoul firms such as VUNO, LAPA, and RILIKOVER, alongside five other promising enterprises from Seoul, including Avis, Rotea, and AID Solution. This broad participation reflects Seoul's commitment to supporting its businesses in the competitive U.S. market.
The SBA conducted an analysis of each firm's products and business sectors to identify potential local buyers and partners, organizing tailored one-on-one export consultations in both New York and Boston. The significant outcome of this initiative includes a total of 178 export consultations, leading to three memoranda of understanding (MOUs) valued at approximately $9.5 million.
In addition to the MOUs, the program facilitated 13 joint research discussions and four discussions on technology transfer, solidifying the potential for further cooperation among participants.
The SBA also visited key local institutions, including the NYC Economic Development Corporation, the Massachusetts Office of International Trade and Investment, and the Cambridge Innovation Center in Boston, to enhance support for Seoul enterprises aiming to enter the U.S. market and expand corporate exchanges between the two regions.
The initiative provided insights into the U.S. bio-healthcare industry and resource support systems, fostering a foundational network for future business collaborations between Seoul and U.S. companies. The SBA plans to continue supporting follow-up negotiations with participating firms to ensure that the consultations translate into tangible business outcomes, including export contracts, investments, and technology transfers.
Looking ahead, the SBA intends to expand its support programs for promising Seoul enterprises entering the U.S. market, leveraging the newly established networks in New York and Boston to discover global market opportunities across various industries, not limited to bio-healthcare.
Jae-hoon Lee, Head of Marketing at the SBA, emphasized the program's importance, stating that it allowed Seoul's promising bio-healthcare firms to validate market demands and uncover practical business opportunities through direct engagement with local buyers, investors, and relevant institutions. He affirmed the SBA's commitment to systematically support Seoul companies in their U.S. market entry and export expansion efforts.
