Arkansas – On the first day of Governor Sarah Huckabee Sanders’ trade mission to Asia, a significant step was made towards strengthening the relationship between the State of Arkansas and Hanam City, South Korea. Governor Sanders and Mayor Hyun-jae Lee of Hanam City solidified their commitment to mutual growth and understanding by signing a Memorandum of Understanding (MOU). This agreement aims to enhance the economic and cultural connections between Arkansas and its sister city, Little Rock’s counterpart in South Korea, through the sister city program. The program’s objective is to foster peace through mutual respect, understanding, and cooperation.
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Building a Foundation for Mutual Prosperity
The MOU outlines a series of commitments between Arkansas and Hanam City to enhance economic cooperation and cultural exchange. The steps include:
- Promoting exchanges and visits by delegations and businesses to foster a supportive environment for economic growth.
- Encouraging mutual understanding and collaboration in trade and investment relations between the business communities of both regions.
- Keeping each other informed about trade exhibitions and investment seminars, providing assistance as needed.
- Sharing economic information on available goods and services to benefit local business communities.
- Supporting joint ventures or investment opportunities by advising each other of interested firms.
- Collaborating on trade, agricultural science, and technology initiatives, given the significance of agriculture to both the Republic of Korea and Arkansas.
The MOU identifies the Arkansas Economic Development Commission Asia Office and Hanam City’s Corporate Support Division as the primary points of contact, ensuring a structured approach to this international partnership.
Legal and Operational Framework
The agreement, founded on good faith, does not impose legal or financial obligations on either party. It comes into effect immediately upon signature and will remain valid for ten years, with an automatic annual renewal, unless terminated by either party with prior written notice. The provision for termination includes a 90-day advance written notice by either party, and any amendments to the agreement require mutual written consent.
