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Meanwhile, Korean companies are increasingly investing more in the U.S. state of California
and, in particular, Los Angeles. Link-ups between firms here and in L.A. have
given the city a much-needed boost. For more details on this, we are going to
connect live to our Hwang Ji-hye in Los Angeles. Ji-hye?
Mark, , I'm standing at the site of the future Wilshire Grand -- a 73-story skyscraper packed
with offices, retail outlets and hotel rooms. When it opens in 2017, it will be the tallest
building in the city, and the first major skyscraper built in the city in more than
20 years. The company behind the project is Hanjin Group
-- the Korean shipping and airline giant. "It symbolizes Korean Air's commitment to
the region. It shows the energy and excitement that is emerging in downtown L.A."
L.A. Mayor Eric Garcetti says the building has already given the local economy a boost.
"It's a one-billion dollar investment in Los Angeles creating 11-thousand-500 construction
jobs. We will have 1-thousand-750 permanent jobs when they finish their work as well.
So I thank everybody that brought this day together."
And, many other Korean companies like CJ, Hyundai and Samsung are also taking part in
boosting L.A.'s local economy. According to a report by the Los Angeles County
Economic Development Corporation, Korea is ranked as one of the top sources of foreign
investment in L.A. County. California United Terminals, a subsidiary
of Hyundai Merchant Marine that operates out of the Port of Los Angeles has plans to develop
a new terminal, while it has already invested tens of millions of dollars in the area.
"We made direct investment in the equipment needed and the exact amount will exceed 100
million U.S. dollars."
Ferdinando Guerra, an economist at the Los Angeles County Economic Development Corporation
says the free trade agreement between Korea and the U.S. is allowing even more Korean
capital to flow into the city.
"Increased to a trade... as a result of that we will also see an increase in foreign direct
investment, particularly, obviously going both ways."
Barriers to investments remain but Guerra says he expects Korean companies to pump even
more money into the local economy in the coming years given the area's huge Korean-American
consumer base. Mark ?
Thanks, Ji-hye. That was our Hwang Ji-hye reporting live from
Los Angeles on the ever increasing trade between the city and Korea.