South Korean Delegation Visit Fosters Goodwill and International Partnership

Last month, the City of Tracy (CT) welcomed an esteemed delegation from South Korea that included council members from seven major cities, including Seoul, and representatives from the Metropolitan and Provincial Council Chairs Association of Korea (MPCCAK). 

With a goal of fostering goodwill, building international partnerships and highlighting Tracy as a key business and logistics hub for Foreign Direct Investment (FDI), the event kicked off with the Veterans of Foreign Wars Honor Guard Ceremony at the Tracy Veterans Memorial in recognition of the shared vision of peace and prosperity between the United States and Korea. A presentation of certificates recognized the efforts made by both nations, followed by remarks from City of Tracy Mayor Dan Arriola and City Manager Midori Lichtwardt, Economic Development Manager Jorge Barrera and various delegation members.

“We were honored to host this important delegation,” said Barrera. “By ushering in a new wave of research, technology, partnership and investment in the Northern California region, we can create a rich business ecosystem beneficial to domestic and foreign investors.”

FDI functions as an attractive, two-way street. Communities like Tracy, benefit from the creation of new jobs and exposure to innovative technologies, boosting the local economy and encouraging a higher standard of living. Foreign investors reap the rewards of establishing a strong brand presence in a new market and expanding their customer base.

Favored Location

As the second largest city in San Joaquin County, conveniently located to the East San Francisco Bay Area, Tracy functions as a business and logistics hub for all major trade markets, including the Asia-Pacific region via air, rail, ports and major highways.

Tracy’s 870-acre Northeast Industrial Park (NEI) and 1,800-acre International Park of Commerce (IPC) have become favored locations for a vast array of companies seeking to spearhead warehouse automation. Existing tenants include ThermoFisher Scientific, FedEx, Best Buy, Safeway, Williams Sonoma, Crate & Barrel, The Home Depot, DHL, Central Plastics, Pacific Medical, Inc., United States Cold Storage, and Amazon, whose 700,000 sq. ft. Fulfillment Center is one of the company’s largest and most technologically advanced.

Infrastructure improvements within the region include a $55 million interchange project at Interstate 580 to improve the movement of goods and relieve traffic congestion.

The delegation enjoyed a tour of Zinus, a subsidiary of Hyundai Group, and the Costco Wholesale Meat Plant to gain insights into best practices for warehouse automation.

Incentives Abound

Tracy also boasts an array of local, regional, state and federal incentives for domestic and foreign businesses, including:

• A streamlined and fast permitting process
• Regional workforce of 1 million-plus
• Booming housing industry 
• Business incubator loan program and revolving loan fund
• California Competes Tax Credit 
• Research and Development Tax Credit
• Manufacturing Research and Development Equipment Exemption
• EB-5 Program

With a history richly rooted in technological innovation and enterprise, Tracy has emerged as a leader within the logistics industry, catching the attention of foreign market leaders.

“We’re proud of our diverse business community and were excited to spend time with the delegates to understand their wants and needs better,” said Barrera. “It’s been a richly rewarding experience to talk directly with foreign investors about the benefits of owning and operating a business in Tracy.”