Gov. Sanders signs MOU with Korean business groups

Gov. Sarah Sanders signed agreements Monday (March 11) with two large South Korean trade groups as part of her Asian business tour.

Sanders signed an economic memorandum of understanding (MOU) with Korea’s International Trade Association (KITA) and the Korea-U.S. Economic Council, Inc. The agreement aims to strengthen economic and cultural ties between South Korea and Arkansas.

KITA is a private non-profit trade organization founded in 1946 with 105 traders as its founding members. It is one of South Korea’s largest umbrella economic organizations and has more than 70,000 member firms, representing almost the entirety of South Korea’s international trade community.

The MOU spells out efforts to cooperate on exchanging trade information to boost sales of goods and services between the two countries. It also calls on promoting exchanges and visits by delegations and businesses of each party’s respective country or state.

The agreement also discusses agricultural exchanges and potential cooperation on lithium market development between South Korea and Arkansas.

South Korea is Arkansas’ 8th largest international trade partner. In 2022, Arkansas exported more than $141 million in goods to South Korea, a 26% increase in trade from the previous year.

There are also a number of companies from those countries that have invested in Arkansas. According to the Arkansas Economic Development Commission website, several high-profile Korean companies have operations in Arkansas, including Samsung Corp. and LG Electronics.

“Just last year, we announced that Fort Smith, Arkansas, would be home to one of America’s largest F-35 training programs. Among the participants, South Korean service members,” Sanders said. “Our state exports well over $100 million to Korea each year, with products as diverse as paper, cotton, and plastics. Korean companies have facilities in our state everywhere from Pine Bluff to Bentonville.”

“And of course, thousands of Arkansans sit down every night to watch a Samsung TV, drive to work in a Hyundai or Kia, or wash their clothes in an LG washing machine,” she added. “My hope is that with this trip, that partnership will only get stronger.”

Sanders is on her second overseas trade mission. She also plans to meet with Japanese officials on this trip to discuss business opportunities and exchanges.