Atlanta, GA – The 23rd World Korean Business Convention (WKBC) concluded its successful four-day run in Atlanta, Georgia, on April 20th, with a closing ceremony and farewell luncheon. The event, which commenced on April 17th, witnessed significant achievements, including approximately $49.9 million in on-site export contracts, primarily for K-food and K-beauty products, alongside multi-million dollar investment agreements for South Korean SMEs entering the U.S. market, and successful fundraising for Korean startups.
The convention, hosted by the Overseas Koreans Agency and the Korean American Chamber of Commerce USA, and jointly organized by Maeil Business Newspaper & MBN, the Korea Federation of SMEs (KBIZ), and the Korean American Chamber of Commerce of Atlanta and Georgia, garnered considerable attention for its focus on building a cohesive "Hansang (Korean diaspora business community) Economic Sphere" to navigate the challenges of the global economic downturn. The event also facilitated discussions aimed at strengthening economic cooperation between South Korea and the United States, including well-received Government-to-Government (G2G) programs.
Over the four days, the WKBC facilitated business consultations totaling an impressive $660 million (approximately KRW 990 billion). A significant portion of this resulted in $49.9 million in immediate contracts, predominantly in the popular K-food and K-beauty sectors, reaffirming the strong demand for Korean cultural products in the American market. This success is attributed to the strategic emphasis on specialized business exhibitions featuring K-bio, K-beauty, and K-food products, capitalizing on the global Korean Wave phenomenon.
Notably, Korean beauty companies M Co. and A Co., participating in the event, secured multi-million dollar export contracts with Home Shopping World, one of the largest Korean-American shopping networks in the United States. This achievement is particularly significant against the backdrop of rising tariff barriers, demonstrating the growing momentum of South Korean SMEs venturing into the U.S. market, following in the footsteps of larger corporations.
On the second day of the convention, two South Korean companies, D Co. and H Co., each signed contracts worth $25 million and $20 million respectively with an Atlanta-based architectural firm for the construction of local factories. Furthermore, the WKBC facilitated the signing of 86 Memoranda of Understanding (MOUs) valued at $150 million (approximately KRW 225 billion) between Korean companies and fellow diaspora businesses, as well as local American enterprises, marking another key accomplishment of the event.
A highlight of the convention was the startup pitching competition held on April 18th. Korean startup S Co. garnered significant attention by securing a Letter of Intent for investment worth approximately KRW 10 billion from a Korean-American investment firm. This success story underscores the evolving role of the WKBC's startup program, transitioning from a mere competition platform to a tangible launchpad for Korean startups seeking to enter the global market.
The 23rd WKBC marked the second time the event has been held in the United States since the Anaheim convention in 2023. This year's gathering attracted approximately 4,000 participants, including overseas Korean business leaders and domestic Korean entrepreneurs from around the world. The core of the event, the business exhibition hall, welcomed over 20,000 general visitors, showcasing the vibrant exchange and potential for collaboration.
A central theme of this year's convention was the "Leap towards a Hansang Economic Sphere." This vision gained significant traction with the presence of Oh Young-ju, Minister of SMEs and Startups of South Korea, and Isabella Casillas Guzman, Administrator of the U.S. Small Business Administration, at the opening ceremony. Both dignitaries participated in a symbolic ceremony declaring 2025 as the "Year One of the Hansang Economic Sphere," a move that was enthusiastically received by the attendees.
The "Hansang Economic Sphere" initiative aims to connect overseas Korean entrepreneurs and domestic Korean businesses into a cohesive economic network, fostering collaboration in production, consumption, investment, labor mobility, and supply chain development. The ultimate goal is to leverage this network as a platform to overcome the challenges posed by the global economic crisis.
The luncheon forum held on April 18th, focusing on the "Establishment of the Hansang Economic Sphere," featured a keynote address by Sung Kim, President of Hyundai Motor North America. The forum addressed the growing need for a unified global Korean business community in response to increasing trade pressures, such as the expansion of reciprocal tariffs under the previous U.S. administration. A strong consensus emerged regarding the critical importance of connecting the vast network of Korean diaspora businesses worldwide into a single economic entity.
Georgia, the host state for this year's convention, holds significant symbolic value as one of South Korea's largest investment hubs in the United States, representing a cornerstone of Korea-U.S. economic cooperation. Capitalizing on this symbolism, the WKBC facilitated various discussions aimed at expanding mutual investment and trade between South Korean local governments and U.S. state governments. This initiative was widely lauded for fostering new avenues of collaboration at the sub-national level.
A particularly noteworthy event was the G2G forum held on April 17th. The forum saw participation from high-ranking officials, including vice-ministerial level representatives from the South Korean Ministry of SMEs and Startups, Chungcheongbuk-do Province, Jeollabuk-do Province, and the Korea Agro-Fisheries & Food Trade Corporation (aT), alongside counterparts from the U.S. states of Maryland, Arkansas, and Alabama. The discussions centered on sharing regional investment attraction strategies and success stories, as well as exploring cooperative measures for the development of key industries within the respective local governments, paving the way for enhanced intergovernmental collaboration.
The closing ceremony on April 20th featured a highlight reel of the convention's key moments, followed by the awards ceremony for the startup pitching competition. The official schedule concluded with a farewell luncheon, marking the end of a highly productive and engaging event.
Lee Sang-deok, Commissioner of the Overseas Koreans Agency, expressed his appreciation, stating, "Thanks to the passionate preparation and dedication of the co-hosting and organizing institutions, including the Korean American Chamber of Commerce USA, Maeil Business Newspaper & MBN, and the Korea Federation of SMEs, we were able to successfully conclude this convention with tangible achievements, particularly centered around K-culture products. I extend my sincere gratitude for their hard work."
Commissioner Lee further emphasized the significance of the event, stating, "Through this convention, the Korean business network is taking a leap beyond mere exchange towards becoming a 'Hansang Economic Sphere,' evolving into a global economic community encompassing Koreans both in the homeland and across the world. Various networking programs also facilitated active exchanges between Korean and American dignitaries, making it a meaningful time to reaffirm the strong Korea-U.S. alliance."
Looking ahead, the 24th World Korean Business Convention is scheduled to be held in Incheon, South Korea, following a decision by the organizing committee, promising to build upon the successes of this year's impactful gathering in Atlanta.
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