Business leaders from around Orange County gathered on Monday, May 16 for OCBC’s Economic Development Committee meeting, featuring City of Irvine Mayor Sukhee Kang, Brian Peck of USC’s Gould School of Law, and Chris Hosford of Hyundai Motor America. Mayor Kang spoke on Irvine’s “Business Friendly Initiatives,” including a reduced business license fee of $50, the distinction of being names the “Safest City in America,” fostering educational excellence in Irvine’s colleges and University, and other policies that bolster the city’s on-going commitment to the business community.
The City of Irvine has made economic development a priority and is working closely with the Irvine Chamber of Commerce and OCBC to help retain businesses, as well as attract new ones. To read more on Irvine’s Business friendly initiatives, click here.
Brian Peck of USC’s Gould School of Law spoke on the U.S. – Korea Free Trade Agreement (FTA), which is currently in Congress awaiting approval. Currently, there are 14 FTAs throughout the nation and all of them have resulted in increased economic activity. “A Korean FTA would create roughly $10-12 billion and 12,000 jobs,” stated Peck. For more information on the agreement, click here.
Chris Hosford of Hyundai Motor America presented Hyundai’s vision for the future and their plans to build a new headquarters in Fountain Valley in 2012 to accommodate the expanding company. The new building represents the largest investment in office space the company has ever made, with 400,000 square feet of work space and 6 stories. The project will bring 1,530 jobs to Orange County, and construction is expected to begin this summer. Hyundai has developed another ambitious goal of having their fleet of vehicles reach 50 mpg by 2025, in an effort to continue their commitment to environmental stewardship. For more information, contact Dr. Wallace Walrod, Vice President of Research and Communications.