MEMPHIS, TN. Wednesday, 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. ARTSemphis, 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.

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About The Greater Memphis Chamber 

One of Memphis’ oldest institutions, dating back to 1838, the Greater Memphis Chamber is a privately funded nonprofit that serves as the region’s lead economic development organization and the “Voice of Memphis Business” on local, state, and national issues. The Chamber’s mission is to drive the Memphis business agenda for Greater Memphis. We do this by relentlessly pursuing prosperity for all — through economic and workforce development, pro-growth advocacy, and by providing support and resources to its investors, which include many of the region’s largest employers. For additional information, please visit www.memphischamber.com

About Memphis in May 

Memphis in May is a 501(c)3 nonprofit community-based organization whose mission is to promote and celebrate Memphis’ culture, foster economic growth, and enhance international awareness through education. Founded by racially diverse Memphians in 1977, racial equity and parity are embedded in the fiber and culture of Memphis in May, the official festival of the City of Memphis. Recipient of 240 prestigious Pinnacle Awards from the International Festival and Events Association, Memphis in May International Festival was named to Travel+Leisure’s international list of Festivals Worth Traveling For, and in 2018, Memphis topped CNN Travel’s list of international destinations to visit in May because of Memphis in May events. Condé Nast Traveler named Memphis as one of the “23 Best Places to go in 2023” in part because of Memphis in May’s return to the riverfront downtown. For additional information, please visit www.memphisinmay.org

About ARTSmemphis

ARTSmemphis, a 501(c)3, is the Mid-South’s primary arts funder, working behind the scenes to expand the foundation of Memphis’ arts through diligent and diverse support. The granting organization has distributed over $97 million since 1963 to local artists and arts organizations and serves as a funding partner, advocate, and connector for local artists and arts organizations. For more information, visit artsmemphis.org

Media Contact:

Julian D. Cross

Communications Manager

jcross@memphischamber.com

(901) 464-2746