February 3, 2023

FDI Forum

Earn the right Invest

Governor Larry Hogan – Formal Web-site for the Governor of Maryland


Indications Memorandum of Being familiar with to Support Continued Growth of Progressive Get started-ups​​
UNDBIO Commits to New U.S. R&D Headquarters in Rockville, Bringing Additional Biotech Work opportunities to Maryland
State to Open New Overseas Trade Business office in South Korea

ANNAPOLIS, MD—Governor Larry Hogan now ongoing his trade and economic growth mission to Asia, meeting with the president of the Republic of Korea and building a collection of big announcements to expand the strong partnership amongst Maryland and Korea.

Assembly With Korean President. Governor Hogan fulfilled with President Yoon Suk-yeol at the presidential business office in Seoul to talk about cooperation involving the Condition of Maryland and the Republic of Korea, as properly as approaches to expand Korean business financial commitment in the state. The two leaders also mentioned the affect that the federal Inflation Reduction Act will have on the electric powered motor vehicle field.


Memorandum of Knowledge to Aid Impressive Start off-ups. The governor and Initially Girl Yumi Hogan joined the chairman of the Korea Undertaking Small business Affiliation (KOVA), Kang Sam Kwon, to sign and witness a new memorandum of knowing to assistance Korean start out-up ventures specializing in environmentally friendly and higher-tech fields that are fascinated in moving into the U.S. current market. This could involve acquiring KOVA member organizations take part in the Maryland International Gateway initiative, which offers alternatives for global providers to make a “soft landing” at enterprise incubators throughout the point out. Market sectors highlighted for guidance involve the daily life sciences, info and communications technological know-how, cybersecurity, superior manufacturing, aerospace, renewable strength, and “blue tech,” which supports the maritime market.

“This new settlement with KOVA strengthens Maryland’s partnership with the Republic of Korea, a partnership which I’m proud to say has developed and flourished through my time as governor,” mentioned Governor Hogan.  “This will benefit ground breaking field sectors in the two our regions, and we seem ahead to assisting KOVA customers develop to the United States.”

“Supporting the global enlargement of undertaking organizations is a important target for Korea, which is house to lots of modern begin-ups,” explained Chairman Kang. “We hope that Korean undertaking providers will be in a position to lead worldwide innovation in new industries as a result of exchanges with Maryland and add to economic development in equally international locations.”


New Foreign Trade Place of work In South Korea. At a business reception in Seoul, Governor Hogan introduced that the Maryland Department of Commerce will open up a new international trade business office in South Korea. The Seoul workplace joins Maryland’s network of current trade places of work in Africa, Australia, Brazil, Canada, Chile, China, Colombia, France, Germany, India, Israel, Japan, Mexico, Peru, Singapore, Taiwan, United Arab Emirates, and the United Kingdom.

UNDBIO to Open up New U.S. R&D Headquarters in Maryland. The governor also highlighted the announcement that UNDBIO—a Korean pharmaceutical enterprise with unique proprietary insulin production technology—has leased 25,000 sq. feet of laboratory room in Rockville and committed $100 million for the study and enhancement and preliminary output of insulin. The organization has signed a lease with Twinlabs—a Rockville lifetime science serious estate company—to establish a point out-of-the-artwork lab where researchers will deliver insulin samples that will need U.S. Fda approval, and ultimately enter the U.S. and worldwide markets.

“Maryland is proud to be home to hundreds of everyday living sciences corporations that established the bar for biotechnology innovation and gas our region’s modern economic system, and we are excited to welcome the life-saving function of UNDBIO to Rockville,” claimed Governor Hogan. “This is still an additional shining example that Maryland is open up for enterprise and more evidence of our state’s exclusive bond with the Republic of Korea.”

“I am pleased to build our romantic relationship with the Condition of Maryland to undertake the study and improvement essential to develop very affordable insulin and insulin analogues for the diabetic inhabitants all over the world,”  said UNDBIO’s Chairman Jun Yong-soo. “We search ahead to building large paying out biotech work for Maryland, and would welcome other associates into our global insulin task.”


Meeting With Governor of Jeollanam-do Province. Prior to the organization reception, the governor satisfied with Governor Kim Yung-rok of the Jeollanam-do Province, which has preserved a sister-state relationship with the Point out of Maryland since 2017 and is wherever the Initially Woman was born.

Supplemental Meetings With Business Leaders. The governor also held conferences with leaders from Hyundai Motor Team  and the CJ Group, to go over a vast selection of issues and means to increase Korean financial commitment in Maryland.