GSEC delegation returns from Korean trip growing global economic ties

9/16/24

Trip included three MOU signings and visits to global HQs of Samsung and SK hynix

SACRAMENTO, CA – Greater Sacramento Economic Council (GSEC) hosted its first delegation to South Korea August 16-26, led by the new Chair of GSEC’s Board of Directors, UC Davis Chancellor Gary S. May. The regional contingency visited and toured the global headquarters of South Korean companies with recent investments in the region including Samsung, which opened a 50-person semiconductor research and development office in Folsom, and SK hynix, the parent company of global semiconductor company Solidigm, which is headquartered in Rancho Cordova. GSEC also solidified long-term partnerships with three Korean organizations through memoranda of understanding (MOUs) to advance life science and electric vehicle innovations and support economic growth in Greater Sacramento.

“It was a career high to visit and tour the headquarters of SK hynix and Samsung. The investments these companies have made in our region have been transformational, creating great jobs for residents and raising the region’s global reputation. These visits are important to show our gratitude for their investments and commitment to their success in our community,” explained Barry Broome, President & CEO of GSEC. He continued, “We are serious about helping expand our South Korea business opportunities in Greater Sacramento and this trip furthered that opportunity.”

While in Korea, GSEC also signed MOUs with two prominent life science organizations:

• Regenerative Medicine Acceleration Foundation (RMAF): a nonprofit organization that promotes the advanced regenerative medicine industry and works to improve reliability and safety of regenerative medicines through public and private partnerships. Regenerative medicine uses stem cells, progenitor cells and other biological approaches to repair or reconstruct damaged functional cells and tissues.
• Seoul National University (SNU) Bundang Hospital (SNUBH): SNUBH’s Healthcare Innovation Park is a center for research collaboration between industry and SNUBH researchers and is the first of its kind in Korea. At the park, businesses from the biotech, information technology, genetic engineering, medical device, nanomedicine, regenerative medicine and related sectors have offices and research facilities at the Innovation Park where they work closely with medical school researchers of SNU daily.

Through these MOUs, GSEC committed to supporting companies associated with these organizations that are interested in establishing operations in the Greater Sacramento region. GSEC will act as a liaison for the companies, helping to connect them to critical resources and partnerships and provide market analytics to help them settle into the region.

In addition, as part of the MOU with SNUH GSEC will support companies associated with the university with:

• site visits and mutual technology and information exchange within the Greater Sacramento region
• support for establishing and operating a commercialization model for research and development such as joint research and innovative technology with the Greater Sacramento region

GSEC also signed an MOU with Chavei, the largest end-to-end electric vehicle charging solutions manufacturer and installation and service provider in South Korea. As part of the agreement, GSEC will help Chaevi expand its electric vehicle charging technology to the United States, starting with the Greater Sacramento region.

The delegation for this trip included several executives with UC Davis as well as executives and elected officials from SMUD, City of Rancho Cordova, Sacramento County, City of Folsom, Los Rios Community College District, Wexford Science + Technology and PRIDE Industries, as well as three leaders from GSEC.

This visit to Korea and the resulting MOUs are part of GSEC’s new international initiative, ‘Globalizing Greater Sacramento.’ The initiative was unveiled in November 2023 to expand international business opportunities and enhance direct air services to the Greater Sacramento region. This is the second international delegation trip GSEC has made this year. In February, it led a group of 20 local leaders to Germany and met with global leadership at Bosch, BMW, Mercedes-Benz, Siemens Mobility, SMA Solar and more.

Photos from the trip can be found here: http://drive.google.com/drive/folders/1bPNc6wUdQVCpE_XTgkrPUdmhsRBM20a-?usp=sharing

About the Greater Sacramento Economic Council

The Greater Sacramento Economic Council is the catalyst for innovative growth strategies in the Capital Region of California. The organization spearheads community-led direction to retain, attract, grow and scale tradable sectors, develop advanced industries and create jobs and investment throughout a six-county region. Greater Sacramento represents a collaboration between local and state governments, market leaders, influencers and stakeholders, with the sole mission of driving inclusive economic growth. The Greater Sacramento region was founded on discovery, built on leadership and fueled by innovation.

Media Contact

Brianna Buda, Communications Manager
Greater Sacramento Economic Council
(916) 287-9072
bbuda@91ciba.com