iMarketKorea, a B2B (business-to-business) industrial materials distribution corporations, said on the 26th that it signed a financial support agreement with Korea Trade Insurance Corporation (K-sure) and Citibank Korea to develop an advanced industrial complex in Texas.
The agreement was pursued to provide mid- to long-term financial support needed to create the advanced industrial complex "Gradiant Technology Park" in Texas, which iMarketKorea is promoting. Gradiant Technology Park is a 860-acre advanced industrial complex that iMarketKorea is pushing in Texas.
Korea Trade Insurance Corporation (K-sure) will provide a guarantee to support iMarketKorea's U.S. investment project, and Citibank Korea will provide $60 million for the development of Gradiant Technology Park based on the guarantee.
This financial support will be solely arranged by Citibank Korea. It focused on easing the investment burden and financial risks that can arise in the early stages of a structured project. Each institution plans to cooperate in building industrial infrastructure that supports the push for the Texas advanced industrial complex development and helps Korean corporations enter the U.S. market.
iMarketKorea will develop the Texas industrial complex in phases, centered on its U.S. subsidiary. The plan is to create global industrial infrastructure that allows domestic corporations to stably establish manufacturing, logistics and advanced industry hubs. Gradiant Technology Park will be fostered as a platform to support the North American market entry of Korean corporations seeking to secure production bases and business hubs in the United States.
Kim Hak-jae, CEO of iMarketKorea, said, "With this agreement, we have secured the financial foundation needed to develop Gradiant Technology Park and secured momentum to kick-start the creation of the Texas advanced industrial complex," adding, "We will do our best to grow it into a key hub that supports the global expansion of Korean corporations by building industrial infrastructure in the United States."