[Congressional Record Volume 162, Number 46 (Wednesday, March 23, 2016)]
[Extensions of Remarks]
[Page E368]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  RECOGNIZING THE 10TH ANNIVERSARY OF THE KOREAN INTERNATIONAL TRADE 
                              ASSOCIATION

                                 ______
                                 

                         HON. MICHAEL M. HONDA

                             of california

                    in the house of representatives

                       Wednesday, March 23, 2016

  Mr. HONDA. Mr. Speaker, I rise today to recognize the 10th 
anniversary of the Korea International Trade Association (KITA) 
Washington Center. Located at 1660 L Street, NW, in the heart of the 
commercial center of the city, the building has played an important 
role in KITA's effort to promote trade and bilateral investment by 
providing facilities and services on a reciprocal basis. The KITA 
Washington Center is one of nine overseas branches in major global 
cities that are augmented by twelve domestic offices to comprise and 
consolidate KITA's position as the preeminent business organization in 
Korea.
   In Silicon Valley, the heart of my district, we've been at the 
cutting edge of innovation in nanotechnology, semiconductors, clean 
energy, telecommunications, cloud computing, digital media, and many 
other exciting frontiers. As Korea looks for more investment 
opportunities, and as we capitalize on synergies among institutions in 
the Bay Area and Korea, our economic relationship will get stronger and 
stronger.
   Korea has invested significantly in Silicon Valley to leverage our 
cutting edge innovation. From major global companies like Samsung 
Electronics to the KOTRA Silicon Valley IT Center in Santa Clara that 
boasts over 40 Korean firms seeking to network and seek potential 
funders, the economic synergy between Korea and my district has never 
been greater. That is why I have committed to continuing to foster this 
important bilateral economic and investment relationship.
   In December 2014, I had the privilege of visiting Korea to promote 
Silicon Valley ties to the country. I had the honor of a courtesy visit 
with President Park Geun-Hye and many Korean Government leaders to 
discuss a broad range of issues. Furthermore, I had the opportunity to 
participate in a business roundtable hosted by then Chairman of KITA 
and former Korean Ambassador to the United States, Duk-Soo Han. It was 
an important visit that helped to further the economic and trade ties 
between Korea and my district.
   The Korea International Trade Association was established in 1946 
with the objective of advancing the Korean economy through trade and 
investment, and is currently the largest business organization in Korea 
with over 71,000 member companies. On July 31 of this year, KITA will 
auspiciously mark its 70th anniversary. Taking the opportunity, I wish 
to extend my congratulations to KITA's Chairman, In-Ho Kim.
   Since Korea's trade volume reached 1 billion dollars in 1967, the 
country has achieved remarkable economic growth over the past few 
decades, becoming the ninth country in the world in 2011 to attain a 
trillion-dollar trade volume. This has signified a new opportunity for 
Korea to engage in exports, imports and foreign investment.
   For nearly seven decades, KITA has organized various functions and 
events to enhance mutual understanding on trade issues, seeking to 
resolve private-sector disputes through dialogue. It has also worked 
together with its overseas counterparts and international economic 
organizations to provide member firms with opportunities to interact 
fully with the international community.
   Moreover, KITA places special emphasis on developing and maintaining 
cooperative relationships with overseas trade promotion. These 
cooperation activities include trade information exchange, organizing 
trade promotional events, joint research, business matchmaking, 
regional trade missions and the provision of facilities, such as the 
KITA Washington Office building on L Street.
   It's in both the United States and Korea's interests that we forge a 
strong economic relationship that ensures sustained and balanced growth 
for both countries through greater bilateral investment. To this end, 
KITA's role will continue to be both meaningful and necessary for our 
economies are tightly intertwined. With Korea's rapid economic growth 
since the 1960's, the emergence of business centers in new markets, and 
the rise of their middle class, Korea's demand for American goods will 
continue to break historic records.
   President Obama has made it a top priority of his administration to 
grow American jobs through increasing exports. About every $1 billion 
in exports creates about 5,000 jobs at home. If we double our exports, 
that would be 2 million new American jobs.
   Since the President made boosting exports a top priority in his 2010 
State of the Union speech our exports are up about 33 percent across 
all sectors. Manufactured goods are up 33 percent, agriculture is up 34 
percent, and services are up almost 20 percent in just about every 
country in which we trade. Ninety-five percent of U.S. exporters are 
small businesses.
   United States exports to South Korea supported more than 119,000 
jobs across the U.S. in 2012. That's an increase of 28 percent over a 
decade. South Korea is our seventh largest bilateral trading partner, 
and the U.S. is South Korea's third largest. 29 U.S. States have more 
than doubled exports over the last decade. In fact, I am extremely 
proud that my congressional district leads the country in exports to 
Korea, with almost $900 million, as of 2012.
   Mr. Speaker, I want to again extend my good wishes and recognize 
KITA Washington Office on its 10th anniversary and I encourage my 
colleagues in the House of Representatives to do the same.

                          ____________________