Build your business among family and friends in Fairfax County, Virginia
By Gerald L. Gordon
Minutes from Washington, D.C., and a few hours from both New York and Boston, Fairfax County, Virginia, is home to one of the largest Korean-American communities in the United States.
A 67-year-long friendship between the United States and Korea, the Korea-U.S. Free Trade Agreement (KORUS FTA), and a robust and stable business climate and innovative industry partners make Fairfax County a great location for foreign-owned businesses looking to place their American headquarters.
The vibrant Korean community in Fairfax County is a product of the long friendship and strong alliance between Korea and the United States. In fact, the 2010 U.S. Census shows that Fairfax County is home to more than 60 percent of all Koreans living in the Commonwealth of Virginia. Specifically, Annandale and Centreville are home to nearly 25 percent of Virginia’s Korean population.
The long friendship between the United States and Korea was bolstered in 2012 by the enactment of the KORUS FTA. The agreement has eliminated nearly 95 percent of tariffs on imports and exports between the United States and Korea.
The KORUS FTA makes the flow of goods, services and intellectual property across our borders easier than ever. Even though the KORUS FTA has been in the news recently, numerous elected officials and industry associations in the United States have come to its defense, highlighting the agreement’s importance as a cornerstone in the Korea-U.S. alliance.
Since the enactment of the KORUS FTA, Korean foreign direct investment in the United States has increased 2.6 times. In 2015 alone, Korean companies invested $40.1 billion in the United States, creating 1,800 new jobs.
Korean companies are locating in the United States to take advantage of a highly educated workforce, to be closer to their final markets and to export their products from a U.S base in a way that takes advantage of the United States’ 19 other free trade agreements. Fairfax County’s location on the East Coast puts it close to the U.S. population center and European markets.
There are ample opportunities in Fairfax County for small businesses and major corporations to relocate here, expand or launch.
My office established a location in Seoul in 2005 to work with Korean companies interested in a U.S. presence. Our representative in Seoul, Charles Kim, attends many events and works with dozens of companies that want to expand in the U.S. market. Fairfax County is home to 58 Korean or Korean-American owned businesses.
Overall, the county is home to 48,000 minority-owned businesses, the highest percentage in Virginia, of which 25,000 are Asian-owned. These businesses make significant contributions and play an important role in Fairfax County’s economic growth and prosperity.
The county is fortunate to have a diverse industry and employment base. Not only are we well-known for our strengths in government and defense technology, but there are also large and growing numbers of commercial IT, financial, software, health, communications and technology management service providers.
According to Time magazine, Fairfax County is, “one of the great economic success stories of our time.” This success has been achieved because of the diversity of our community and the strength of the businesses that flock here to enjoy a high-quality of living and some of the top public schools in the nation.
I welcome any business and especially Korean businesses and entrepreneurs to access new markets and find the talent in Fairfax County that will help the business grow and thrive here and throughout the U.S. Please visit www.fairfaxcountyeda.org to begin building a future of possibilities.
Gerald L. Gordon, Ph.D., is president and CEO of the Fairfax County Economic Development Authority (FCEDA) in Fairfax County, Virginia, which is located just outside of Washington, D.C. and is one of the largest office markets in the United States.