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FOR IMMEDIATE RELEASE
Tuesday, October 11, 2022
Agreement is Part of a New Effort to Encourage Korean Companies to Invest in New York City
NEW YORK – New York City Mayor Eric Adams, Chairman & CEO of Korean Air Walter Cho, and Chairman & CEO of the American Chamber of Commerce in Korea (AMCHAM) James Kim, announced the signing of an agreement to bring new initiatives and investments to New York City. The news came after a meeting between the three leaders which occurred on Tuesday, October 11, at City Hall. This new initiative will result in Korean Air increasing its work with NYC-certified Minority- Women-owned Business Enterprises (M/WBEs) and the creation of internship programs at Korean Air's offices in Seoul and New York. This agreement also works to create opportunities for M/WBEs to do business in Korea with the assistance of the American Chamber of Commerce in Korea.
"As we continue on the path to economic recovery, there is no better time than now for investing in New York City," said New York City Mayor Eric Adams. "I'm thrilled that Korean Air and AMCHAM Korea have agreed to invest in New Yorkers and our city's M/WBEs, and I look forward to the incredible economic impact this collaboration will generate across the five boroughs."
"From Sunnyside to Seoul, New York City's diverse small businesses stand out on the global stage. By committing to work with minority and women-owned business enterprises, Korean Air and AMCHAM Korea are building a pipeline of opportunity that we in New York City are proud to support," said Kevin D. Kim, Commissioner of the Department of Small Business Services. "SBS is ready to leverage further opportunities to connect global corporations with the robust network of M/WBEs across the five boroughs."
"New York City is a global city and the ideal place for international investments. We are creating an ecosystem that allows people and businesses to thrive," said Edward Mermelstein, Commissioner, NYC Mayor's Office for International Affairs. "I applaud the commitments by Korean Air and AMCHAM Korea because they will strengthen the skills of New Yorkers while also opening a strong pipeline of opportunities for M/WBEs. This work is a great example of the positive impact international businesses can have on our city and we welcome more engagements that enable us to create good jobs across the five boroughs and make our economy even stronger."
"Korean Air is proud to be working with New York City and AMCHAM Korea to support New York based minority and women owned businesses to enter the Korean market and internships in New York and Seoul. Korean Air understands that small opportunities can grow into important contributions, and we are looking forward to this historic project. We are glad to help enhance opportunities in a city that we have been serving for more than 40 years," said Walter Cho, Chairman & CEO of Korean Air.
"This partnership will be a true win-win-win partnership and picture-perfect scenario for championing numerous collaboration efforts amongst the three parties." said AMCHAM Chairman & CEO James Kim. "One of AMCHAM's top missions is to assist SMEs from Korea to do more business in the U.S. and vice versa. I strongly believe that New York city is an ideal starting point." He added, "AMCHAM has established the American Business Center (ABC) to assist U.S. based SMEs to find business opportunities in Korea. We will continue to help encourage Korean companies to invest in New York City."
About Korean Air
Serving the world for more than 50 years, Korean Air is one of the world's top 20 airlines, carrying more than 27 million passengers in 2019, pre-COVID. With its global hub at Incheon International Airport (ICN), the airline serves 120 cities in 43 countries on five continents with a modern fleet of 155 aircraft and over 20,000 professional employees. Korean Air is a founding member of the SkyTeam airline alliance, and has grown into one of the largest transpacific airlines through its joint venture with Delta Air Lines. Dedicated to providing Excellence in Flight, Korean Air's vision is to be a respected leader in the world airline community. For more information about Korean Air, please visit koreanair.com, Korean Air Newsroom, facebook.com/KoreanAir, instagram.com/KoreanAirworld, and twitter.com/KoreanAir_KE.
About The American Chamber of Commerce in Korea (AMCHAM)
AMCHAM Korea was founded in 1953 with a broad mandate to encourage the development of investment and trade between the Republic of Korea and the United States. AMCHAM is the largest foreign chamber in Korea comprised of 800+ member companies and affiliates with diverse interests and substantial participation in the Korean economy. Relaunched in 2022, AMCHAM's American Business Center (ABC) is a market entry program that empowers U.S. SMEs to succeed in the Korean market. Created through an exclusive partnership with the U.S. Department of Commerce, ABC provides on-the-ground assistance to American SMEs interested in entering the Korean market successfully.