Korean trade association opens Dallas office

Korea International Trade Association (KITA) Chairman Yoon Jin-sik, fourth from left, poses with U.S. Rep. Beth Van Duyne of Texas, fifth from left, and Texas Secretary of State Jane Nelson, sixth from left, during an opening ceremony for the association’s new office in Dallas, Texas, Monday (local time). Courtesy of KITA

The nation's largest trade association opened a new office in the U.S. city of Dallas in Texas, Monday, to help more Korean firms make smooth inroads into the emerging hub for logistics and industrial development.

According to the Korea International Trade Association (KITA), the office will play a pivotal role in creating more business opportunities not just for Korean but also for U.S. firms in the central and southern regions of the world's largest economy.

A group of 50 businesspeople and government officials from both sides took part in the opening ceremony of the office. They included KITA Chairman Yoon Jin-sik, U.S. Rep. Beth Van Duyne of Texas and Texas Secretary of State Jane Nelson.

The trade association will run a variety of support programs to offer fresh business opportunities in both countries, thereby helping Korean firms boost exports and investment there, according to KITA.

"Texas is a dynamic state boasting the most rapid economic growth in the U.S.," Yoon said. "Multinational companies actively invest in the state characterized with few regulations. Our Dallas office will carry out a crucial role in strengthening collaboration between Korean firms and their U.S. counterparts."

Another key upside for Texas is that it does not charge any individual or corporate income tax, so more global firms are eyeing the state for their next major business destination, the KITA said.

Korea is Texas's fifth-largest trading partner, contributing to the growth of the state's economic growth in multifaceted areas, such as employment, investment and exports, according to Yoon.

He requested continued support from the Texas government to provide a stable investment environment for Korean companies.

According to data from the trade association, the trade volume between Korea and Texas reached about $32 billion (44.43 trillion won) as of 2023. Texas is the second-most sought-after business territory in the United States for Korean firms after California. Around 270 Korean firms do business in Texas as of April. The figure for California is around 600.

Meanwhile, KITA plans to invite Texas Gov. Greg Abbott to Seoul next week to hold a special networking event with a group of officials from both business communities.