signs a memorandum of understanding to support the continued growth of innovative start-ups
UNDBIO Commits to New U.S. R&D Headquarters in Rockville, Bringing More Biotech Jobs to Maryland
State to open new foreign trade office in South Korea
Annapolis, MD—Governor Larry Hogan today continued his business and economic development mission in Asia, meeting with the President of the Republic of Korea and making a series of major announcements to expand Maryland’s strong partnership with Korea.
Meeting with the Korean President. Governor Hogan met with President Yoon Suk-yeol at the Presidential Office in Seoul to discuss cooperation between the State of Maryland and the Republic of Korea, as well as ways to increase Korean business investment in the state. The two leaders also discussed the impact the federal Inflation Reduction Act will have on the electric vehicle industry.
Memorandum of Understanding to support innovative start-ups. Governor and First Lady Yumi Hogan joined Korea Venture Business Association (KOVA) President Kang Sam Kwon to sign and witness a new Memorandum of Understanding to support Korean start-ups specializing in green and high-tech domains that are interested in entering the US market. This could include participation by KOVA member companies in the Maryland Global Gateway initiative, which offers international companies the opportunity to “soft-land” at business incubators across the state. Industry sectors highlighted for support include life sciences, information and communications technology, cybersecurity, advanced manufacturing, aerospace, renewable energy and “blue technology”, which supports the maritime industry.
“This new agreement with KOVA strengthens Maryland’s partnership with the Republic of Korea, a partnership that I am proud to say has grown and flourished during my tenure as governor,” Governor Hogan said. “This will benefit innovative industry sectors in both of our regions, and we look forward to helping KOVA members expand into the United States.”
“Supporting the global expansion of venture capital firms is a key objective for Korea, home to many innovative start-ups,” Chairman Kang said. “We hope that Korean venture capitalists will be able to lead global innovation in new industries through exchanges with Maryland and contribute to the economic growth of both countries.”
New foreign trade office in South Korea. At a business reception in Seoul, Governor Hogan announced that the Maryland Department of Commerce will open a new foreign trade office in South Korea. Seoul office joins network of trade offices in Maryland in Africa, Australia, Brazil, Canada, Chile, China, Colombia, France, Germany, India, Israel, Japan, Mexico , Peru, Singapore, Taiwan, United Arab Emirates and the United States. Kingdom.
UNDBIO will open a new US R&D headquarters in Maryland. The governor also highlighted the announcement that UNDBIO – a Korean pharmaceutical company with proprietary insulin production technology – has leased 25,000 square feet of laboratory space in Rockville and committed $100 million for research. and the development and preliminary production of insulin. The company signed a lease with Twinlabs, a Rockville life sciences real estate company, to develop a state-of-the-art lab where scientists will produce insulin samples that will require US FDA approval. and eventually enter US and global markets.
“Maryland is proud to be home to hundreds of life science companies that are setting the bar for biotech innovation and fueling our region’s innovative economy, and we are thrilled to welcome the vital work of UNDBIO in Rockville,” Governor Hogan said. “This is another shining example that Maryland is open for business and further proof of our state’s special bond with the Republic of Korea.”
“I am pleased to establish our relationship with the State of Maryland to undertake the research and development necessary to produce affordable insulin and insulin analogues for the diabetic population around the world,” said the President. from UNDBIO, Jun Yong-soo. “We look forward to developing well-paying biotech jobs for Maryland, and would welcome other partners in our global insulin project.”
Meeting with the Governor of Jeollanam-do Province. Prior to the business reception, the governor met with Governor Kim Yung-rok of Jeollanam-do Province, which has had a sister state relationship with the state of Maryland since 2017 and where the First Lady was born.
Additional meetings with business leaders. The governor also held meetings with leaders of Hyundai Motor Group and the C.J. Groupto discuss a wide range of issues and ways to increase Korean investment in Maryland.