Mission boosts Maryland-Korea economic and tourism ties,
strengthens cultural and educational partnerships
BALTIMORE, MD (September 11, 2017) – A weeklong trade and diplomatic mission to South Korea led by officials from the Maryland Department of Commerce and the Secretary of State’s office concluded Friday with announcements that Maryland has attracted several new Korean business commitments to Maryland. A follow-up to Governor Larry Hogan’s 2015 trade mission to Asia, the mission focused on increasing investment between South Korea and Maryland. First Lady Yumi Hogan, who is the first Korean-American First Lady in the United States, accompanied the delegation.
“This successful mission has been an excellent opportunity to highlight the growing special relationship between Maryland and Korea that has developed on both the state and county levels, as well as to support additional ways to enhance our already-flourishing cultural and economic ties,” said The First Lady.
Green Cross Cell, a Korea-based publicly-traded cancer immunotherapy products developer and an affiliate of the country’s largest pharmaceutical groups, announced it has chosen Maryland as the location for its only business operation outside of Asia. The company signed a MOU with Maryland Commerce committing to establish its first U.S. subsidiary in the state.
In addition, Fasoo, a Seoul-headquartered leader in document and application security, announced plans to move its U.S. headquarters from East Brunswick, New Jersey to Bethesda. The move is scheduled to take place this month and will bring seven new jobs to the state.
“The quality of the Maryland workforce is why we're moving from New Jersey. The high concentration of skilled and experienced information security professionals in the corridor between Washington, D.C. and Fort Meade is one of the biggest factors in the decision to shift our North American operations,” said Dr. Kyugon Cho, Fasoo’s founder, chairman, and CEO.
Also opening an office in Maryland will be the Korea Innovation Center (KIC), which plans to establish a presence in Montgomery County to support Korean biotechnology and healthcare entrepreneurs. KIC is operated by the Korea Ministry of Science and ICT and provides assistance to start-ups and entrepreneurs. Additionally, KIC committed to retaining its Bio Acceleration program in Maryland. The program, subject to annual National Assembly funding, brings teams of up to ten Korean biohealth IT start-up executives, technicians, and regulatory affairs officials to the U.S. for several weeks of training, mentoring, and introductions to the U.S. market. The first weeks-long session of KIC’s Maryland Bio Acceleration program was held successfully in Baltimore this past spring.
Throughout the week, the Maryland delegation met with executives representing the tourism industry, as well as prospective business investors from large multinational corporations and small businesses. These meetings included addresses to the Korea Trade-Investment Promotion Agency (KOTRA) Maryland-Korea Economic Cooperation Summit, as well as the Korean Information Security Industry Association (KISIA), the largest representative body of the country’s private sector cybersecurity community, and K-Biz, the Federation of Korean small and medium businesses.
The mission concluded with a reception at the U.S. Ambassador to the Republic of Korea’s residence in Seoul. Attending the reception were more than 75 business leaders and officials from Maryland and South Korea, giving the delegation an opportunity to promote the many advantages of doing business in Maryland, particularly in the life sciences and high-tech fields.
The reception featured a $750,000 check presentation to TissueGene, Inc., a Rockville-based advanced cell therapies company that has developed a first-in-class cell and gene therapy targeting osteoarthritis of the knee. TissueGene is a subsidiary of Korea-based Kolon Life Sciences. The grant funding, announced last month, is awarded from Maryland’s Stem Cell Research Fund, administered by TEDCO, and will help the company conduct Phase III clinical trials in the United States for its osteoarthritis product.
Woosok Lee, TissueGene’s president and CEO, said, “As a Maryland-based company with roots in South Korea, TissueGene is honored to be recognized during this important trade mission. We appreciate the support of the state of Maryland. The state has consistently demonstrated its commitment to innovative companies and advanced therapies such as Invossa™, which could potentially be the world’s first disease-modifying drug for treating osteoarthritis of the knee.”
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.
