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[February 16, 2006]

Korean business-aid agency moves U.S. base to Bergen County, N.J.

(Record, The (Hackensack, NJ) (KRT) Via Thomson Dialog NewsEdge) Feb. 15--The Star-Spangled Banner stood side by side with South Korea's Tae Guk Gi on Tuesday as the Small Business Corp. opened in Bergen County.

The SBC, a Korean government agency, moved its U.S. headquarters from Chicago to Englewood Cliffs to be closer to financial centers in Manhattan, the shipping hubs of New York and New Jersey, and the Korean-American community of Bergen County.

The agency provides logistical support for Korean businesses trying to get a foothold in the U.S. market. "It is difficult for a small- and medium-sized company to go overseas," said Jay T. Hwang, a senior executive adviser of business development for the SBC. "The SBC can incur some of the cost, and offer help, like office staff and business expertise."

Twenty Korean businesses have either opened up in the Englewood Cliffs SBC center or plan to do so in coming weeks. The companies, which are in businesses from cosmetics to toys to manufacturing, are provided with reduced-rate office space and language assistance. They also get advice from experts on training employees and dealing with the foreign terrain, Hwang said.

The center also acts as a conduit to potential business partners.

The expansive Korean community and large number of businesses in North Jersey also ease the transition for Korean businesspeople moving to a new country, in some cases with their entire family in tow.

"It is an advantage to have a Korean- American community in the area to make people feel comfortable," said Hwang.

"Business circumstances are important, but I believe life circumstances are more important."

The SBC joins an already robust Korean business community in North Jersey that covers a broad range of products, services and sizes.

Just up the street on Sylvan Avenue is consumer electronics giant LG Electronics U.S.A. Inc., a subsidiary of a Korean parent.

Fellow Korean electronics giant Samsung has its American consumer-electronics business headquarters in Ridgefield Park, while Korean shipping company Hanjin has its North American headquarters in Paramus.

And several banks -- including Broadway National Bank and Woori America Bank, a subsidiary of one of the largest banks in South Korea -- have a strong presence in Bergen County catering to Korean entrepreneurs.

Among those who feel at home in Englewood Cliffs is Sang Moon Lee, who earned his undergraduate degree in chemical engineering and a master's and a doctorate at American universities.

He returned to Korea and took over his father's business, Sam Joong Inc., which makes chemicals for the construction industry and has about 100 employees. The company was already doing business around Asia, but Lee was interested in tapping the U.S. market.

"We want to import some products ... and expand," Lee said.

"But we don't know this market very well."

Lee met with SBC officials a few years ago, now has an office and is preparing to launch product in the United States.

"They gave us support information about marketing, financial credit, sometimes they lent us money to make a good product for export," Lee said. "It's a lot of support for a small company."

Bergen County Executive Dennis McNerney welcomed the agency to North Jersey during Tuesday's ribbon cutting ceremony, taking the podium speaking a little Korean.

"Gahm sah hahm nee dah," McNerney said, offering thanks to Hwang for an introduction. "It's important for local governments to reach out and encourage this kind of cooperation."

Companies in the U.S. and Korea are already frequent trade partners with billions in exports shipped in both directions, said Bong Joo Moon, the Korean ambassador to the United States, who also attended the ceremony.

"I hope [the SBC] provides new opportunities for further growth and trade," Moon said.

"I also hope it serves an important role in economic development between the two countries."

Korea was the 12th largest importer of goods into the New York Harbor in 2005, sending goods worth $4.46 billion.

The country bought goods worth $670 million from New Jersey in 2005, according to the World Institute for Strategic Economic Research.

While Englewood Cliffs is now the U.S. headquarters of SBC, the organization maintains offices in Washington, Chicago and Los Angeles, as well as several cities around the world.

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