Agenda Report
Fullerton City Council
MEETING DATE: October 3, 2023
TO: CITY COUNCIL / SUCCESSOR AGENCY
SUBMITTED BY: Sunayana thomas, Director of community and economic development PREPARED BY: sunayana thomas, director of community and economic development eric levitt, city manager
SUBJECT: world korean business convention 2023
SUMMARY
The World Korean Business Convention (WKBC) will be hosted at the Anaheim Convention Center from October 11, 2023 - October 14, 2023. In its 21st year, the Convention will be held outside Korea for the first time, making its U.S. debut in Orange County at the Anaheim Convention Center. The Convention will offer bi-national business collaborations, investments, distributions, and partnership opportunities. Around 3,500 business leaders including 1,500 Korean entrepreneurs from 60 different countries are expected to attend the convention.
The City of Fullerton will be participating in the Convention to create global investment opportunities for our City and local businesses as well as foster new relationships and collaboration to attract economic development to the City.
CITY MANAGER REMARKS
This is a presentation for informational purposes.
PRIORITY POLICY STATEMENT
Not applicable.
FISCAL IMPACT
$12,000 cost including materials. Will be paid out of Economic Development Fund.
DISCUSSION
Previously known as Hansang, the World Korean Business Convention debuted in South Korea in 2002 with approximately 950 participants from 28 countries. The annual Convention has grown to become the largest Korean business convention in the world, averaging more than 3,000 participants annually from more than 60 countries. WKBC has played a pivotal role in bringing small to mid-sized Korean businesses into the global marketplace and bridging interactions between domestic and overseas Korean businesses.
In its 21st year, World Korean Business Convention (WKBC) will be held outside Korea for the first time, making its U.S. debut in Orange County at the Anaheim Convention Center, Oct. 11-14, 2023 with approximately 30,000 attendees.
Through K-pop, K-food, K-drama, and K-movies, the world has already experienced the effects of the creative minds of Korean entrepreneurs. The WKBC will further ride the K-wave in hopes of showing the opportunities for businesses in Orange County as well as throughout the US.
The Overseas Korean Agency, an affiliate of Korean Foreign Ministry, has launched WKBC, together with Overseas Koreans Economic Organizations. The 21st Annual WKBC, will also be co-hosted by the Korean American Chamber of Commerce of USA, through its local Orange County affiliate, Korean American Chamber of Commerce of Orange County. The event attracts businesses from all over the world, including visitors from the far east countries and those already established here in the United States. Organizers are expecting several thousand attendees this year with most staying in hotels in the Orange County area.
Staff has been working with the organizers of the event to better understand the best way the City of Fullerton can participate in and support the event. There was an opportunity to sponsor, or co-sponsor, a breakfast forum on the morning of Friday, October 13. The topic of the breakfast forum will be artificial intelligence and 400-500 attendees are expected. Staff anticipates sponsorship of the breakfast forum to cost approximately $15,000. The City of Fullerton will co-sponsor and split the above costs.
In addition to the breakfast forum sponsorship opportunity, the City will be hosting a tour in Fullerton to showcase our community, education, history, culture and development opportunities. We have two tour buses that will tour up to 100 attendees through the City of Fullerton. The total anticipated costs for the Convention is estimated at approximately $12,000 including materials that can be used for other purposes and would be paid out of the Economic Development Fund.
This is a unique economic development opportunity for the city to create global investment partnerships and bridge interactions between domestic and overseas businesses.
Attachments:
Attachment 1 – Fullerton Business Community Profile Brochure cc City Manager Eric J. Levitt
World Korean Business Convention 2023
October 3, 2023 - Page 3