San Diego trade delegation seeks stronger economic bonds with S. Korea

“South Korea is a critical global market and a natural partner for San Diego,” said Mayor Gloria

In a bold endeavor to cultivate robust global economic collaborations, a high-profile contingent from sunny Californian city of San Diego is gearing up for an intensive six-day mission across South Korea, between Saturday and Nov. 2.

Mayor Todd Gloria attends a news conference in San Diego, California, U.S., on February 8, 2021.

At the helm of this delegation stands the illustrious Mayor of San Diego, Todd Gloria, in coordination with the World Trade Center San Diego (WTCSD), an affiliate of the San Diego Regional Economic Development Corporation (EDC).

The group comprises 30 accomplished executives drawn from the region’s leading corporate players, among them Qualcomm, Illumina, Viasat and Dexcom representing diverse sectors including government and infrastructure.

This venture unfolds against the backdrop of significant federal legislation, such as the Infrastructure Investment and Jobs Act, the Inflation Reduction Act, and the CHIPS and Science Act.

These legislative milestones, coupled with an evolving U.S. industrial strategy geared towards reducing reliance on China, thrust South Korea into the spotlight as a natural partner in crucial industries.

A Beautiful Night Scenery of San Diego. /Courtesy of San Diego City Government

As the U.S. government continues to incentivize reshoring and nearshoring aligned with national priorities, the leaders of San Diego, Imperial Valley, and Tijuana, Mexico, are taking bold steps to boost growth through global connections, typified by their annual trade missions to strategic international hubs.

Mayor Todd Gloria underscores the pivotal role of this mission, stating, “South Korea is a critical global market and a natural partner for San Diego as we share complementary strengths in the life sciences, clean energy, and biotechnology sectors. I’m honored to once again join forces with the Trade Center San Diego on a trade mission aimed at strengthening business relationships and creating quality jobs for San Diegans.”

As the United States fortifies its alliances in East Asia, it identifies in South Korea a likeminded partner with expertise in knowledge-intensive industries, spanning personalized medicine, semiconductor research and manufacturing, and clean energy.

A smartphone with a displayed Qualcomm logo is placed on a computer motherboard in this illustration. Qualcomm, a leading maker of wireless chips, joins the San Diego trade delegation to Seoul.

San Diego and Imperial Valley stand as highly competitive economies in the U.S., boasting accomplishments that range from sequencing the human genome to spearheading the development of 5G and 6G technologies, alongside possessing one of the world’s largest lithium reserves.

An exceptional facet of this partnership is the global semiconductor industry, where the U.S. and South Korea are first and second in market share, respectively. South Korean investment in the U.S. has been on an upswing, with an influx of $18.2 billion in new investments since mid-2020.

On a regional scale, South Korea ranks 13th among countries investing venture capital into San Diego, trailing closely behind Germany and Singapore, with a distinct emphasis on the pharmaceutical and technology sectors.

During their sojourn in Seoul, Incheon, and Gyeonggi Province, the San Diego delegation endeavors to establish lasting institutional ties and attract foreign investment in sectors critical for the future. The agenda encompasses celebrations of partnerships, exhibitions of major regional development projects, engagements with port and airport authorities, and high-level governmental meetings.

This mission, organized by the World Trade Center San Diego in close cooperation with the San Diego Regional EDC, enjoys the support of the U.S. Embassy in South Korea, KoreaBIO, and other key stakeholders.

The overarching aim is to enhance economic and innovation connections between San Diego and South Korea, thereby fostering cooperation and growth for both regions.

As noted by Nora Vargas, Chairwoman of the San Diego County Board of Supervisors and SANDAG, “This is an opportunity to expand trade and exchange fresh ideas that can lead to enduring solutions for improving our region’s infrastructure, transportation, and economy, all for the benefit of San Diego County residents.”

Kevin Doyoung Chung, CEO of Every Possible Connection, is seen in this file photo.

“I am passionate about driving increased and intentional connection between the Korean and San Diego markets. I believe globally connected economies are more innovative and resilient,” Kevin Doyoung Chung, President of San Diego-based consulting firm Every Possible Connection, said.

Former head of KTSD, a Korean broadcasting company also based in the southern Californian city, Chung has provided essential support and assistance in bringing this trade mission to fruition. “Together, San Diego and Korea have the potential to drive a clean energy future with technology innovation at the center,” he continued.

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