Expand to New York City and Reach the World

The time is now to invest across the five boroughs of NYC.

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By Edward Mermelstein, NYC Commissioner for International Affairs

From the 2023 1Q AMCHAM Journal – available HERE 

As a global hub for business and innovation, New York City is an ideal location for Korean international companies looking to establish or grow their operations. Mayor Eric Adams and our Administration are committed to supporting international businesses of all sizes in expanding across the five boroughs. The reason is simple--these expansions lead to the creation of good-paying jobs for New Yorkers while fostering innovation. The Adams Administration has also introduced a range of initiatives to make it easier for businesses to access resources and understand the City’s landscape.

My office, the New York City Mayor’s Office for International Affairs, fosters positive relations and encourages collaborations between the diplomatic community, NYC agencies, and local neighborhoods. My office, in partnership with the NYC Economic Development Corporation, also works to ensure that the City’s economic growth is robust, inclusive, and suitable for all New Yorkers.

One significant benefit of opening a business in NYC is the City’s thriving economic ecosystem. New York is home to various industries, including finance, media, technology, and fashion. This diversity creates a wealth of opportunities for businesses of all types. Our strong economy also means a large and skilled workforce, estimated at more than 4 million people, available to businesses. NYC’s central location on the East Coast also makes it easy for companies to access markets throughout the United States and beyond.

It is worth noting that the NYC economy is resilient. Despite the challenges and disruptions caused by the COVID-19 pandemic, our City has remained a hub for business and innovation. Many companies are thriving. This fact is a testament to the resilience and determination of the City’s business community, New Yorkers, and an enabling environment. It is also a sign that now is a great time to consider opening a business in NYC.

New York City agencies provide a range of resources and support services that can help businesses succeed. For example, my office works closely with businesses to ensure they understand the opportunities across the five boroughs, including the best locations to open offices. We also work to connect international businesses to incubators and communities that will foster their growth. These facts make our City an attractive location for Korean companies. NYC is also home to a large and vibrant Korean community, which can provide a supportive network for incoming Korean businesses.

Korean businesses have a strong track record of success in NYC. These businesses contribute millions of dollars to our local economy annually and employ tens of thousands of people. They have also been responsible for innovative and successful products and services, including new technologies and fashion trends. In short, the economic development relationship between NYC and Korea is stronger than ever. 

 Mayor Eric Adams delivers remarks at the signing of the city’s cooperation agreement with the Korea Advanced Institute for Science and Technology (KAIST). Manhattan. Wednesday, September 21, 2022. Credit: Ed Reed/ Mayoral Photography Office.

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There are numerous reasons why Korean international businesses should consider opening their doors in NYC. From Mayor Adams and our administration’s commitment to supporting businesses to the City’s thriving economic development ecosystem and the work of agencies such as the NYC Mayor’s Office for International Affairs. So why wait? The time is now to invest in NYC and take advantage of all the City has to offer. Take the leap now, and you can be confident that your business will thrive in the City that allows you to reach the world from its boroughs. 

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