Governor Sarah Sanders signed agreements with two major South Korean trade groups on Monday (March 11) as part of a trip to Asia.
Mr. Sanders signed an economic memorandum of understanding (MOU) with the Korea International Trade Association (KITA) and the Korea-US Economic Council. The agreement aims to strengthen economic and cultural ties between South Korea and Arkansas.
KITA is a private, non-profit trade association founded in 1946 with 105 traders as founding members. It is one of South Korea's largest comprehensive economic associations, with more than 70,000 member companies, representing nearly the entire international trade community in South Korea.
The memorandum specifies efforts to cooperate in the exchange of trade information to facilitate the sale of goods and services between the two countries. It also calls for the promotion of exchanges and visits by national and state delegations and businesses from each party.
The agreement also discusses agricultural exchanges and potential cooperation in lithium market development between South Korea and Arkansas.
South Korea is Arkansas' eighth largest international trading partner. In 2022, Arkansas exported more than $141 million worth of goods to South Korea, a 26% increase in trade value from the previous year.
Companies from those countries are also investing in Arkansas. According to the Arkansas Economic Development Commission's website, several well-known Korean companies have operations in Arkansas, including Samsung and LG Electronics.
“Just last year, we announced that Fort Smith, Arkansas, would be home to the nation's largest F-35 training program, with South Korean military personnel among the participants,” Sanders said. . “Our state exports more than $100 million annually to South Korea in products as diverse as paper, cotton and plastics. Korean companies have facilities in every corner of our state, from Pine Bluff to Bentonville. Masu.”
“And, of course, there are thousands of Arkans who sit every night watching Samsung TVs, commuting to work in Hyundais and Kia cars, and doing laundry in LG washing machines,” she added. . “We hope this trip will further strengthen that partnership.”
Mr. Sanders is on his second overseas trade assignment. She will also meet with Japanese officials on her visit to discuss business opportunities and exchanges.
