Maryland has renewed its Memorandum of Understanding (MOU) with the Korea SMEs and Startups Agency, also known as KOSME.

As part of the MOU signed in 2021, Maryland and KOSME support Korean startups and small and medium-sized businesses interested in entering green and high-tech sectors in the U.S., with the potential for them to participate in Maryland’s Global Gateway program. The partnership also supports companies interested in the aerospace, biohealth, cybersecurity, and renewable energy industries.

Since this agreement was formed, more than 20 Korean companies have been introduced to doing business in Maryland. Fifteen of these are biohealth businesses that have received assistance from BioHealth Innovation , with two companies officially joining the Rockville Innovation Center . Nearly a dozen others have participated in the U.S. Offshore Wind Pathway Program , which provides training and industry introductions for global companies looking to enter the U.S. market.

The Maryland Department of Commerce believes this partnership has shown significant potential and expects its renewal to build on the initial momentum and attract additional foreign companies to the state.

“Continuing our collaboration with the Republic of Korea and KOSME not only benefits both entities, but it further solidifies Maryland as the prime destination for entering the United States,” said Maryland Commerce Secretary Kevin Anderson. “I am pleased to support our ongoing partnership and look forward to watching this international relationship bring continued job creation and further opportunities to both regions.”

“Maryland is a high-tech hub in these fields in the U.S., and a variety of resources and the business-friendly environment of the state is very valuable to Korean tech companies who want to enter the U.S. market,” said Youngtae Kim, director of Global Business Center – Washington, D.C. of KOSME. “It’s our pleasure to renew the partnership and I really appreciate the commitment of the state’s Department of Commerce to supporting Korean companies in the past two years. We look forward to developing this partnership in a way to further support both Korean and U.S. companies to become more competitive in the global market.”

South Korea is Maryland’s 9th largest export market, up from 11th in 2021, with $635 million in goods exported in 2022. This increase is largely due to expanded exports of natural resources such as minerals and natural gas as well as products related to the life sciences industries.

Featured in photo (L-R): Commerce's Jessica Reynolds, Senior Director; South Korean rep Youngho Seo, CEO of Global Business & Partners; and Commerce's Hui-Min Tzeng, Senior Regional Manager for East Asia