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Swark TODAY

Sat March 09, 2024

By Press Release

Politics State

Economic Cooperation Agreement Between the State of Arkansas of the United States of America and Hanam City Government of the Republic of Korea

#Governor Sanders #Trade Mission #AR Hanam Partnership
Economic Cooperation Agreement Between the State of Arkansas of the United States of America and Hanam City Government of the Republic of Korea
SEOUL, Republic of Korea -- On Friday, March 8, the first day of Governor Sarah Huckabee Sanders’ trade mission to Asia, the Governor and Mayor Hyun-jae Lee of Hanam City signed a Memorandum of Understanding to further strengthen economic and cultural ties between the State of Arkansas and Hanam City, the sister city of Little Rock. The goal of the sister city program is to promote peace through mutual respect, understanding,  and cooperation. The text of the agreement is below: Acknowledging a shared desire to enhance economic cooperation between The State of Arkansas (hereafter referred to as "the State") and the Hanam City Government (referred to as "the City"), both parties commit to taking the following steps: 1.    Support and promote exchanges and visits by delegations and businesses between both entities, offering cooperation and assistance to visiting parties sponsored by the other.
2.    Foster mutual understanding and collaboration between the business communities of the State and the City in areas such as trade and investment relations. 3.    Inform one another of trade exhibitions and investment seminars happening in their respective territories, and provide appropriate assistance upon request. 4.    Exchange and disseminate relevant economic information on goods and services that are available from the other state/city to their respective local businesses communities. 5.    Sponsor and promote exchanges and visits by delegations and businesses of the two entities and extend cooperation and assistance to visitors so sponsored by the other party. 6.    Advise each other of firms interested in joint ventures or investment in each party’s respective state/city. 7.    Given the specific cultural and economic importance of agriculture industry to both the Republic of Korea and the State of Arkansas, cooperate on trade and agricultural science and technology initiatives.
The points of contact for the parties are as follows: a.    For the State: Arkansas Economic Development Commission Asia Office b.    For the City: Corporate Support Division  The agreement will be executed on a good-faith basis and is not intended to create any legal or financial obligations for either institution. Effective upon signature by representatives of both parties, this agreement is valid for ten (10) years, automatically renewing annually unless either party provides written notice of termination at least six months before the expiration date. Either party may terminate this agreement with written notice ninety (90) days in advance.
Any future amendments require mutual written agreement. Signed in duplicate in Seoul, Korea on the 8th day March 2024 with each party retaining one (1) original copy.
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