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U.S. Secretary of Commerce Penny Pritzker Leads Business Development Mission to Japan and South Korea

Home to nearly 60 percent of the world’s GDP and the fastest growing economies, the Asia-Pacific region offers a wide array of opportunities for United States businesses and workers. To further improve the U.S. economy, the Obama Administration recognizes the critical importance of strengthening its well-established trading partnerships in the region, particularly with Japan and South Korea.

With the fourth and thirteenth highest GDP respectively, Japan and South Korea are highly developed, stable markets for trade and investment. The healthcare sector in both countries is expanding quickly to meet rising demand. In Japan, there is a rapidly-aging demographic profile, with a population aged above 65 years, which will increase from 25.1 percent in 2013 to 29.2 percent by 2023. In addition, South Korea is emerging as a hub for global medical tourism by attracting and training world-renowned doctors and developing more advanced clinical trials.

To take advantage of these growing market opportunities, U.S. Secretary of Commerce Penny Pritzker will leave tomorrow for Asia to lead 20 American firms on a Business Development Mission with stops in Japan and South Korea. The business delegation includes small and big companies, such as C3 Energy, HPI, and Oregon. The mission will focus on expanding opportunities for U.S. businesses in the healthcare and energy sectors and will also look for ways to help the region develop and manage energy resources and systems, and build out power generation, transmission, and distribution.  

As the voice of business in the Administration, the U.S. Department of Commerce, plays a pivotal role in expanding market access for U.S. companies in countries around the world. Specifically on this mission, Secretary Pritzker and American businesses will meet with Japanese and South Korean business leaders in the medical device, biotechnology, regenerative medicine, energy and health IT sectors to explore opportunities for partnership and investment.

The Commerce Department is committed to creating more opportunities for American businesses to flourish both at home and abroad. During the mission, Secretary Pritzker will also focus on reinforcing trade agreements that reflect our values, such as the Trans-Pacific Partnership (TPP) and U.S.-Korea Free Trade Agreement (KORUS), that will help U.S. firms gain greater access to the Japan and South Korea markets.

This will be Secretary Pritzker’s first trade mission to Asia since taking office in June 2013 and will promote U.S. exports to Japan and South Korea by helping American companies launch or increase their business in these key markets.  The mission will make stops in Tokyo, Japan and Seoul, South Korea.

Expanding U.S.-China Commercial Relations Remains a Top Priority

ITA Trade Specialists Meet with U.S. Exporters at the DISCOVER GLOBAL MARKETS: Greater China and Gateway Countries forum

The U.S.-China commercial relationship remains one of great success and growing potential, despite continuing challenges.

That’s the major takeaway after two weeks of heavy focus on China at the Department of Commerce’s International Trade Administration (ITA).

It began with the DISCOVER GLOBAL MARKETS: Greater China and Gateway Countries forum Oct. 7-8 in New York City, during which our global team provided export guidance to more than 300 business representatives looking to export to the region.

Then this week, Under Secretary of Commerce for International Trade Stefan M. Selig visited Shanghai and Beijing in advance of the U.S.-China Joint Commission on Commerce and Trade (JCCT) high level meetings that the Department of Commerce will host along with the Office of the U.S. Trade Representative in the United States later this year.

While in China, Under Secretary Selig participated in JCCT Vice-Ministerial meetings with China’s Ministry of Commerce, and co-chaired the JCCT U.S.-China Industries and Competitiveness Dialogue with Deputy U.S. Trade Representative Robert Holleyman and China’s Vice Minister of Information and Industry Technology Liu Lihua.

Humacyte Excited to Participate in Department of Commerce Trade Mission with Secretary Pritzker to Japan and South Korea

Dr. Ted Lithgow, Chief Operating Officer, Humacyte, Inc.

Guest blog post by Dr. Ted Lithgow, Chief Operating Officer, Humacyte, Inc.

ED Note: Humacyte, Inc., a privately held company, is a medical research, discovery and development company that bioengineers novel human tissue replacements for key applications in regenerative medicine and vascular surgery.  The company uses a proprietary technology platform to isolate and grow stable, “off-the shelf” human tissue replacement conformations, with properties similar to native tissues. Humacyte’s goal is to improve treatment outcomes for many patients, including those with vascular disease and those requiring hemodialysis.

 

Humacyte is both honored and excited to participate in the upcoming Department of Commerce Trade Mission with Secretary Pritzker, her staff, and other business delegates to Japan and South Korea. We are grateful to the Department of Commerce and to Secretary Pritzker for selecting Humacyte for such a unique opportunity for meaningful dialogue with influential Japanese and South Korean business executives, senior policy makers, academics, fellow innovators and leading health and technology peers within their markets.  Our intent is to understand regional requirements and medical needs, and to establish new relationships within these regions and with our mission partners. 

The United States’ fourth and sixth-largest US trading partners respectively, Japan and South Korea present ample opportunities for U.S. businesses like ours. In both countries, the government and private sector are making significant investments in both health care and energy.

Our itinerary confirms that traveling with Secretary Pritzker will provide unprecedented access to – and important dialogue with -- high-level decision makers in each of these countries.  The trip is not only a unique mechanism to establish valuable contacts, but an opportunity to introduce our technology and intellectual capital directly to Japanese and Korean health care policy makers, regulators, healthcare leaders, and potential investors.

Personally, I must say the Department of Commerce and Secretary Pritzker’s staff have done an outstanding job of organizing and facilitating advance, meaningful connections among the delegation and business leaders in Japan and Korea. My expectation is that this mission offers Humacyte – and all of the delegation participants – a true opportunity to establish or grow our operations and business relationships in these emerging growth regions of the world.