SEOUL, SOUTH KOREA – Governor McAuliffe today announced the signing of a Memorandum of Understanding (MOU) between Korea Electric Power Corporation (KEPCO) and the Virginia Economic Development Partnership (VEDP) for comprehensive cooperation on the Smart Grid and new energy projects.
This MOU allows KEPCO, the largest electric utility company in South Korea, and Virginia to collaborate and promote information sharing, develop strategies, facilitate understanding, identify challenges and stakeholders. The agreement will encourage non-governmental organizations, research institutions, businesses and government institutions at all levels to participate in cooperative activities to support the energy sector. Recognizing their common interests in the industry, both parties will promote mutually-beneficial cooperation on the Smart Grid, technologies and approaches, and other areas of mutual interest.
“The MOU between Virginia and KEPCO is a proactive step that supports Virginia’s commitment to clean energy, strengthening the energy sector and building a new Virginia economy” said Governor McAuliffe. “Virginia’s diverse energy industry covers traditional domains, such as power generation and mining, emerging Smart Grid technology and renewable fuels. Working with an international company like KEPCO to share and promote best energy practices will help us develop a strong partnership and will open the door to future investments in Virginia.”
Governor McAuliffe and Mr. Hwan-il Choi, President of KEPCO, signed the MOU during a meeting in Seoul. The Governor is leading a 10-day trade and marketing mission to the Pacific Rim, visiting Japan, South Korea, Singapore and Australia to encourage new investment in the Commonwealth and promote Virginia’s exports.
“Virginia’s MOU with KEPCO is a testament to the Commonwealth’s pledge to grow and enhance the energy sector, which employs more than 28,000 people and has a direct economic output of $18 billion,” said Secretary of Commerce and Trade Todd Haymore. “Partnering with a renowned company like KEPCO, which is responsible for more than 90 percent of Korea’s electricity generation, is another step in Virginia’s efforts to utilize and advocate for best energy practices.”
The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, China, Germany, Japan, India, South Korea and the United Kingdom focused on promoting FDI into the Commonwealth.