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SANTA CRUZ - The Monterey Bay International Trade Association (MBITA) and the Incheon, Korea-based Songdo Techno Park have signed a Memorandum of Understanding (MOU) to identify cooperative business and technology development projects.

According to Tony Livoti, executive director of the MBITA, the trade group and the Songdo Techno Park will initially establish a business referral and sales lead qualification process between exporters and importers in California and Incheon, Korea with trade opportunities routed between both parties.

"The MBITA will identify and qualify California companies that match a Korean inquiry seeking an export, import, license, partnership, or investment opportunity," said Livoti. We'll the coordinate, support, and facilitate the actual business transactions."

When appropriate, he said, the trade promotion group will distribute the Korean business opportunities to partner TradePort Service Centers - www.tradeport.org/assistance_centers/index.html - located throughout California.

"Those organizations will cooperate with us to provide trade promotion services to the California company that is matched with the Korean business opportunity inquiry," said Livoti. "Songdo will distribute California business inquiries to qualified companies in the Incheon metropolitan region."

The entire process will be "click and mortar" through the TradePort site, said Livoti. "TradePort will be the starting point and platform for future cooperative ventures in global eCommerce between California and Incheon, Korea," he added.

The MBITA and Songdo will jointly develop the database technology that will qualify vendors according to company and financial history, as well as experience in global trade. Further database development will distribute the qualified leads to companies and potential partners in both the MBITA and Songdo networks.

The agreement also calls for both groups to jointly develop eCatalog technology that will allow visual presentations of products and services along with online solutions to faciltate all of the logistical and banking requirements for a successful global transaction, Livoti said.

The MOU, signed by Livoti and Dr. Young-Soo You, president of the Songdo Techno Park, stipulates that both intend to seek funding from private and public-sector sources to support the initiative.

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