By Lee Kap-soo

The Federation of Middle Market Enterprises of Korea (FOMEK), in collaboration with the New Jersey Investment Authority (Choose New Jersey), hosted the 'Business Reception for Middle Market Enterprises Invited by New Jersey Governor Phil Murphy' at Conrad Seoul Hotel on Oct. 19.

The reception consisted of an introduction of the New Jersey Investment Authority and the Economic Development Authority's 'New Jersey Investment Entry Strategy', a presentation of the success story of a mid-sized company in New Jersey by the nation's largest chicken franchise, Genesis BBQ Group, and business networking.

The New Jersey Investment Authority and the Economic Development Authority presented "New Jersey's Investment Climate in 2023," introducing success stories of Korean companies in New Jersey, as well as transportation and education infrastructure, while presenting measures to support FDI, including key fostering industries and investment incentives.

"Currently, more than 50 Korean companies have successfully established themselves in New Jersey, and the trade volume between Korea and New Jersey is expected to reach $4.8 billion by 2022," said an official from the New Jersey Investment Authority, adding, "As a gateway to the North American market, we will strive to help Korean companies gain a competitive advantage."

In its presentation, "Success Stories of a Midsize Company in New Jersey," Genesis BBQ Group shared why it chose New Jersey as a bridgehead to enter the U.S. market, its investment strategy that led to its rapid growth in the U.S., and its plans to promote local social contribution activities. 

In April of this year, Yoon Hong-geun Chairman of Genesis BBQ Group, was honored by the New Jersey State Assembly for his contributions to local economic development and job creation with its 14 restaurants in New Jersey.

"For more than 30 years, since its inception in 1992, the FOMEK has been the voice of small and medium-sized enterprises, the backbone of Korea's economic development," said New Jersey Governor Phil Murphy. "Today's meeting with so many small and medium-sized entrepreneurs and the FOMEK will be remembered as an honor for the development of Korean small and medium-sized enterprises and the strengthening of economic cooperation between our two countries."

"In 2021, about 37% of Korean SMEs are exporters, with 2,686 local overseas subsidiaries, of which about 15% are in the U.S.," said Lee Ho-joon, senior vice chairman of FOMEK. 

Lee added, "We will do our best to help SMEs successfully enter the U.S. market by building a strong and friendly relationship with the State of New Jersey, surpassing the long history and achievements of cooperation between the two countries, which will celebrate the 140th anniversary of diplomatic relations in 2022 and the 70th anniversary of the alliance in 2023."