World Korean Business Convention to be held outside Korea for first time in U.S.

Anaheim Convention Center, California, U.S. [Courtesy of WKBC]

The 21st World Korean Business Convention (WKBC), the largest networking event for South Korean-owned businesses and business leaders, will be held in Orange County, California, United States, for four days from Wednesday in line with the 120th anniversary of the Korean immigration to the U.S. and the 70th anniversary of the U.S.-Korea alliance.

It will be the first overseas convention, and a number of business programs for Korean businessmen will be held during the event to enhance national and corporate competitiveness.

The opening ceremony at the Anaheim Convention Center will be opened by Lee Key-cheol, head of the Overseas Korean Agency. The keynote speech will be delivered by Kim Ki-mun, chairman of the Korea Federation of Small and Medium Business (KBIZ). Anaheim Mayor Ashleigh Aitken will also be in attendance.

This year’s event will be the largest yet as it will be held in the U.S., home to the largest number of overseas Koreans in the world. A total of 30,000 attendees are expected, including 6,000 domestic and international entrepreneurs and visitors. The number of participating businessmen will be triple that of last year’s event, which had 2,000.

A total of 500 companies will be joining, including Samsung Electronics Co., Hyundai Motor Co., and POSCO Holdings Inc., as well as small and medium enterprises (SMEs) and U.S.-based companies.

While the focus last year was on export products of SMEs, a large number of companies from sectors related to Industry 4.0 and the new normal era, such as fintech and renewable energy, will take part in the event this year.

The convention will also be attended by the heads of Korean metropolitan governments, including Incheon Mayor Yoo Jeong-bok, South Gyeongsang Province Governor Park Wan-su, North Gyeongsang Province Governor Lee Cheol-woo, North Jeolla Province Governor Kim Kwan-young, and Jeju Province Governor Oh Young-hun.

They will explore export opportunities for companies in their respective local areas and attract investment.

Yoo, in particular, will introduce Incheon’s cooperative projects for overseas Koreans and build networks with Korean entrepreneurs to attract global capital investment. Lee will participate in the 50th LA Korean Festival to promote local agricultural products.

Several seminars, including one on U.S. tax and immigration laws, are scheduled for Thursday to support Korean companies in their advances into the U.S. market. On Friday, there will be a seminar to discuss ways to deal with regulatory issues related to imports and exports between Korea and the U.S.

This year, the WKBC will also feature a venture capital investment forum for the first time to help Korean startups in the U.S. to secure funding.

The forum, to be held on Friday, will introduce venture capitalists and provide networking opportunities. Individual investment meetings with professional investors and startup chief executive officers will also be held in the afternoon.

“We will provide practical help to Korean SMEs to enter the U.S. market, going beyond exports,” said Lee of the Overseas Korean Agency. “We will strive to build a Korean network for Koreans living abroad and a national global business hub.”