Mayor to Meet with Business Leaders and Government Officials in China, South Korea, and Japan to increase tourism and encourage companies to locate and invest in Los Angeles
LOS ANGELES – Mayor Eric Garcetti will lead a delegation of business leaders and city officials, including from the Port of Los Angeles, Los Angeles World Airports and the L.A. Tourism and Convention Board, on a trade mission to China, South Korea, and Japan from November 15 to 26. These countries are L.A.’s number one, two, and three trading partners respectively.
"Los Angeles is a global city and is our nation’s gateway to the Pacific Rim through LAX and the nation’s number one port," said Mayor Garcetti. "Now, as we emerge from the recession, it’s more important than ever that we aggressively promote international trade and tourism. We must leverage our assets in the global marketplace to create jobs here in Los Angeles. We have developed strong economic ties with Asia, and we must continue to build on them to increase investment, trade, and tourism in our city."
Trade last year between Los Angeles and China was valued at $164.38 billion; with Japan at $43.5 billion; and South Korea at $23.5 billion. 570,000 Chinese tourists visited Los Angeles, more than any other overseas market, spending $655 million while here. And Japan is the number one source of foreign direct investment into Los Angeles County.
Los Angeles also shares strong cultural ties with the Pacific Rim. L.A. County has the largest Asian American population of any county in the United States, numbering 1.5 million and making up 15% of the county’s total population. L.A. universities attract more students from China, South Korea, and Japan than any others.
Mayor Garcetti will meet with government officials and business leaders to increase tourism and encourage companies to locate and invest in Los Angeles. In partnership with Mayor Garcetti's office, the Los Angeles Economic Development Corporation, Los Angeles Business Council, and Los Angeles Area Chamber of Commerce are being joined by a delegation of L.A. business leaders as part of the trade mission. This delegation will work with the City of Los Angeles and its partners in Asia to secure opportunities that will lead to local job creation. The delegation members include companies in the entertainment, finance, professional services, medical, real estate, engineering/design, education, shipping, cleantech, and environmental sustainability sectors. Together, they demonstrate the strength and diversity of the Los Angeles economy and why Los Angeles is a global leader in innovation, creativity, and a major hub for international trade.
This trade mission is an investment in the economic growth of the Port of Los Angeles and Los Angeles World Airports, which are paying $214,000 and $198,000 respectively of the approximate $570,000 cost that includes airfare, hotels, ground transportation, and promotional events in Guangzhou, Shanghai, Beijing, and Seoul. Additional funds will be provided by the Metropolitan Transportation Authority, the Mayor’s Fund for Los Angeles, and corporate sponsorship of events. Non city employees who are members of the delegation will be paying their own expenses.