iMarket Korea, Taylor city in Texas sign MOU for business agreement

iMarket Korea, South Korean distributor of industrial materials,  said on Friday that it has signed a memorandum of understanding (MOU) with the City of Taylor, Texas, for the development of Taylor Technology Park.

The MOU aims to provide necessary infrastructure and warehouse construction for the industrial cluster, supporting advanced industries, including semiconductors, electric vehicles, and secondary batteries.

iMarket Korea purchased 200,000 square meters of land for the development and operation of the industrial park in the second half of 2022, and has recently acquired an additional 700,000 square meters of land.

The MOU will enable iMarket Korea and iMarket America to work together with Taylor City to develop the region's economy and support the growth of domestic and foreign companies looking to expand in Texas.

In addition, iMarket Korea will participate in the "Presidential Economic Delegation to the US" and will discuss not only the industrial cluster project but also additional industrial cooperation, network building with US government officials and business people, and opportunities for expanding business.

"Samsung Electronics, Tesla, and Amazon, among other global companies, have already established a presence in the Austin metropolitan area, including Taylor City. There is a significant demand for domestic and foreign companies to relocate their headquarters, offices and factories," said Kim Hak-jae, Managing Director of iMarket Korea.

Write to Kyung-Joo Kang at qurasoha@hankyung.com