WASHINGTON, D.C., MARCH 28, 2023 --- Coupang, Inc. today announced its formation of a Strategic Partnership with the U.S. Department of Commerce’s International Trade Administration (ITA). This marks ITA’s first partnership of its kind with a private-sector e-commerce company, which will focus on supporting U.S. businesses—from small and medium-sized enterprises to larger companies—in their entry into the South Korean market.
Coupang’s Head of Public Affairs Alex Wong and Director of the Office of Industry Engagement for the International Trade Administration Gabriela Castillo announced the partnership at a signing ceremony at the Department of Commerce’s headquarters. And Coupang and the Commerce Department held a kick-off event in Los Angeles, where nearly 150 U.S. businesses signed up to learn about how to access the Korean e-commerce opportunity.
Korea is a large and fast-growing commerce market, with $466 billion in sales and a compound annual growth rate of 4%. Coupang is one of Korea’s leading e-commerce players within this sizable retail market, and with 18 million active customers and the country’s largest fulfillment and logistics infrastructure, the company is a strong sales channel for U.S. businesses looking to expand into Korea.
Through the Strategic Partnership, Coupang and ITA will raise awareness among U.S. businesses of the large and growing e-commerce opportunity in Korea and U.S. brand-building techniques by holding several events in the coming year. Businesses looking to connect with Korean consumers, particularly SMEs with less global exposure and capacity, will be able to learn how to leverage the combination of ITA’s deep expertise in trade and export assistance and e-commerce tools to enter the Korean market.
Coupang, Inc., which was established in the U.S. and listed in 2021 on the New York Stock Exchange, supports the commercial expansion of SMEs in both countries. To date, Coupang has fostered $5.4 billion in U.S. investment into Korea, and accounted for 35 percent of all U.S. foreign direct investment into Korea over the last two years.
ITA works to create prosperity by strengthening the international competitiveness of U.S. industry, promoting trade and investment, and ensuring fair trade and compliance with trade laws and agreements.
“We are excited to partner with the U.S. Department of Commerce,” said Coupang’s Chief Administrative Officer and General Counsel Harold Rogers. “Together, Coupang and the Department can make it easier for U.S. businesses to connect with the Korean people. This will drive new growth for these businesses, improve selection for Korean customers, and deepen the commercial ties between the United States and South Korea. Even the smallest U.S. mom-and-pop can have a hit product in South Korea. That’s the future of commerce Coupang seeks to create.”
“The e-commerce market for retail consumer goods represents a dynamic and growing opportunity for U.S. exporters. Global retail has been projected to exceed $5.7 trillion in 2022, with an expectation of continued growth over the next several years. Through this ITA- Coupang Partnership, we can help U.S. businesses succeed in learning how to export using e-commerce tools to access a highly adept digital B2C consumer base in the South Korean Market,” said Grant Harris, Assistant Secretary of Commerce for Industry and Analysis. “Our collaboration will increase public awareness of the importance of digital trade, cross-border commerce, and U.S. brand building overseas.”
PHOTOS:
Photo 1: Director of the Los Angeles Office of the U.S. Commercial Service JulieAnne Hennessey speaks at the Coupang-Commerce Department Partnership Launch Event. The event took place in Los Angeles on March 16, 2023.
Photo #2: Coupang’s Director of Global Marketplace Gerald Hoe presents on the Korean e-commerce opportunity to an audience of U.S. business operators. This kick-off event for Coupang’s partnership with the U.S. Department of Commerce took place in Los Angeles on March 16, 2023.
Photo #3: Coupang’s Head of Public Affairs Alex Wong signs the partnership agreement as the Department of Commerce Department Director Gabriela Castillo looks on. The signing ceremony took place at the Department of Commerce’s headquarters in Washington, DC.
Photo #4: Department of Commerce Director Gabriela Castillo signs the partnership agreement as Coupang’s Head of Public Affairs Alex Wong looks on. The signing ceremony took place at the Department of Commerce’s headquarters in Washington, DC.
Photo #5: Coupang’s Head of Public Affairs Alex Wong and Commerce Department Director Gabriela Castillo display a signed partnership agreement at the Department of Commerce’s headquarters in Washington, DC.
This article is from the Coupang Newsroom and to read more please visit here.
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