By Mahlon Meyer
Northwest Asian Weekly
From left: Gabriel Esparza, Michael Fong, Sam Cho, Isabelle De Wulf, and Josh Davis. (Credit: Port of Seattle)
Walking around the room and chatting with reporters in Korean and English, Port of Seattle Commissioner Sam Cho welcomed each personally. Still using both languages, he then introduced a program to help local businesses increase exports to South Korea. Finally, he quipped, “I realize my job as port commissioner is to create jobs, not to take them away.” And, with that, he introduced an interpreter.
Such spontaneity seemed a hallmark of the innovative program he was introducing.
Cho, who is the first Korean American port commissioner, has experience as an exporter as well as navigating the federal bureaucracy.
While the avian flu was ravaging Asia, he contacted Wilcox Farms in Washington and used his connections to expedite shipping, since then shipping 2.5 million pounds of vacuum-packed eggs in refrigerated containers to South Korea.
Speaking of the current initiative, he said, “A program like this would have been helpful when I was exporting.”
The program, which is supported by the federal and state government as well as private industry, will make capital and opportunities available to Black, Indigenous, and People of Color (BIPOC) small and medium-sized businesses as well as “create community,” said Cho.
It primarily targets Korean American businesses. Some are already exporting to Korea, while others might be interested in the opportunity to do so.
“The program is aimed towards small business owners or entrepreneurs, principally from the Korean American community, that already export to Korea or are interested in selling to the Korean market,” stated a press release last week from the U.S. Small Business Administration (SBA).
“They understand the language, they understand the culture, and they understand how to get business done in their country of origin,” said Gabriel Esparza, associate administrator, Office of International Trade of the SBA, which is supporting the program.
Moreover, the number of people with ties to Korea signals the ripeness of the region for engaging in such a program.
The greater Seattle region is home to more than 40,000 residents that were born in Korea and over 79,000 who identify as Korean, according to Greater Seattle Partners, one of the groups supporting the enterprise.
Existing trade is another sign that there is room for growth.
Already, more than 30 Korean companies employ over 450 people in the greater Seattle area. And companies such as Amazon, Costco, Microsoft, and Starbucks have collectively invested over $1 billion in South Korea, generating over 1,600 jobs there.
Nor is this a recent development.
Port of Seattle Commissioner Sam Cho speaking to reporters before the conference. (Photo by Mahlon Meyer)
For the last 10 years, South Korea has consistently been among the region’s top three trading partners.
And growth in trade continues.
Just in 2021, South Korea exported more than $4.5 billion to the greater Seattle area, mainly automotive and industrial products. For its part, this region exported over $2 billion in 2021 to South Korea, mostly agriculture, aerospace, and industrial machinery goods.
Total trade reached almost $80 billion between 2011 and 2022.
“This is a strong foundation for small and medium-sized businesses to export to South Korea,” said Josh Davis, vice president of Global Trade and Investment, Greater Seattle Partners.
Banking on such trends, the federal government, through the SBA, has promised to provide technical assistance, funding, and other support to assist with the venture.
Another reason the program targets small and medium-sized businesses: 97% of all exporters in the United States are small businesses.
The Washington State Department of Commerce, the Port of Seattle, and Coupang, a leading Korean e-commerce company, are also providing resources. This includes assistance with exporting involving e-commerce.
A conference on Sept. 8 and 9 will provide information about opportunities in the South Korean market and resources available to pursue international sales. Successful small businesses will share their experiences about exporting. The conference will also give exporters or those interested in exporting the chance to interact with representatives from government and industry, as well as networking opportunities with other participants.
Lying like a giant ship at dock and impregnated by the salt air whipping in from Puget Sound, the Port of Seattle will open its doors to the multitude of exporters and potential exporters in the region, many of whom already use its facilities.
Washington state is home to over 120,000 small businesses owned by people of color, said Michael Fong, former Seattle senior deputy mayor, now regional administrator of the Pacific Northwest Region for the SBA. Of those, half are owned by Asian American Pacific Islanders (AAPI).
The infrastructure of the region also supports expanded growth.
Three deep water ports constitute a crucial ally for exporters. Approximately 80% of all exports from this region to South Korea are delivered by sea.
And for those who need to fly, the Seattle-Tacoma International Airport is the closest West Coast gateway to Asia.
As one indication, the region’s exports are up more than 22% from the same time last year.
Isabelle DeWulf, managing director of the Small Business Export Assistance of the Office of Economic Development and Competitiveness, Washington State Department of Commerce, pledged funding “to help small businesses with e-commerce.”
Entitled “Small Business Growth and Resiliency Through Export Opportunities in U.S.-Korea Trade,” the event will kick off with a reception on Sept. 7 from 5:30 to 8:00 p.m. sponsored by Coupang.
“A fantastic in-person networking opportunity for entrepreneurs and small business owners interested in the Korean market,” states the joint press release.
The reception will also feature “a light, Chuseok-themed dinner.” Chuseok is the harvest moon celebration in South Korea.
The reception will be held at Pier 69, 2711 Alaskan Way.
Mahlon can be reached at info@nwasianweekly.com.