December 4, 2024 – The Greater Memphis Chamber and Memphis in May International Festival announced South Korea as the 2025 honored country, highlighting the growing economic partnership between Memphis and one of Asia’s largest economies.
The selection celebrates South Korea’s increasing presence in the Greater Memphis region, where investments have surpassed $85 million since 2019. This commitment has already created 400 new jobs through innovative companies such as SK Innovation, HMM American Shipping, and Hyosung HICO.
Leading this wave of investment, Hyosung HICO exemplifies the strength of Korean enterprises in Memphis. The company’s state-of-the-art power transformer manufacturing facility has not only created high-skilled jobs but also demonstrated why Memphis continues to attract major Korean businesses seeking to expand their U.S. operations.
“South Korea represents an incredible opportunity for Memphis to strengthen our position in the global economy,” said Ted Townsend, President and CEO of the Greater Memphis Chamber. “With Memphis companies like FedEx and Sedgwick already conducting business in South Korea and Korean enterprises choosing Memphis as their American home, we’re witnessing the emergence of a powerful economic partnership that benefits both regions.”
The selection of South Korea reflects Memphis’s strong trade relationships with Asia. Last year alone, South Korea accounted for 40% of the region’s total exports, valued at $7.1 billion. This economic foundation provides an excellent launching pad for expanded business opportunities and cultural exchange throughout 2025.
The Chamber will coordinate a comprehensive schedule of events throughout 2025. This schedule includes economic development delegations between Memphis and South Korea, cultural exhibitions, and business networking opportunities.
Continuing a cherished tradition, the Chamber has partnered with ARTSmemphis to commission the 2025 Memphis in May commemorative poster celebrating South Korea. ARTSmemphis, which has distributed over $100 million in arts funding over 61 years, will invite their artist grantees to submit proposals for the poster design, which will be unveiled in spring 2025.
This partnership represents more than just a celebration,” said Mack Weaver, President and CEO of Memphis In May. “It’s a fitting addition to Memphis in May’s forty-eight-year heritage of promoting Memphis to the world and a gateway to our global future, where Memphis innovation meets Korean excellence, creating opportunities for cultural exchange and economic growth that will benefit both communities for years to come.
The Chamber and Memphis in May will announce additional details about the year-long celebration and economic initiatives in the coming months.
