Las Vegas Convention and Visitors Authority (LVCVA) and Consumer Electronics Association (CEA) announce a Memorandum of Understanding (MOU) between the World Trade Center Las Vegas and the World Trade Center Seoul that will help enhance international business relationships.
WTC Seoul is owned and operated by the Korea International Trade Association (KITA), which is the largest business organization in Korea with more than 71,000 member companies. Through the agreement, Las Vegas and Seoul can co-market under the World Trade Center brand creating access to key trade information, market research, and facilitate business trade missions around the world.
World Trade Centers’ Association encourages mutual assistance and cooperation among its members. In 2010, CEA was granted the rights to the World Trade Center Las Vegas license and partnered with the LVCVA in an effort to attract more international visitors and trade events to Las Vegas.
“Las Vegas is a global destination for international commerce through our robust and varied trade show network,” said Rossi Ralenkotter, president/CEO, LVCVA. “Partnerships like this will help further position Las Vegas as a successful business destination by leveraging the strength of the Las Vegas brand with the opportunities provided through the World Trade Center designation.”
By seeking formal business relationships with other World Trade Centers in global cities, the LVCVA and CEA can create and solidify international business connections. South Korea is a top ten international market for Las Vegas with nearly 137,000 visitors last year. It is currently the only Asian country with weekly non-stop flights to Las Vegas.
“Through this MOU, our two organizations are expected to generate a strong synergy effect by cooperating on a broad range of common interests, including our commitment to the effective management of the World Trade Center and the improvement of exhibition and convention and facilities and services,” said In-Ho Kim, chairman/CEO, KITA. “I believe we also have much to learn from each other’s strengths through information exchange. I sincerely hope this MOU will open new doors for KITA and the LVCVA to engage in active exchange in the coming years.”
The number of South Korean attendees to CES has steadily increased over the last five years with more than 3,700 in 2015. At CES 2015, there were 66 exhibiting companies and more than 150 media from South Korea.
“We are excited to expand into new international markets through our partnership with the LVCVA and the World Trade Center Las Vegas,” said Gary Shapiro, president and CEO of the Consumer Electronics Association (CEA), owner and producer, CES. “South Korea is a technology powerhouse. In fact, over the past five years CES attendance from Korea has grown by more than 75 percent. The Asian economy is rapidly growing and it’s important that we develop deep and long lasting partnerships with the right organizations in these target countries to promote and encourage executives from the US and Korea to do business.”
Attracting international visitors is a critical growth market for Las Vegas. Right now, 19-percent, or nearly eight million of all Las Vegas visitors are international travelers, and during the next decade, the LVCVA’s goal is to increase that figure to 30 percent.
Las Vegas is the only destination in North America with a World Trade Center designation on the campus of a convention center. In addition to the MOU with WTC Seoul, the WTC Las Vegas has agreements with WTC Montevideo, WTC Dulles Airport, WTC Taipei, WTC Mexico City, WTC Brussels, WTC Beijing, WTC Miami and WTC Istanbul.
The LVCVA also has a Memorandum of Understanding with the U.S. Department of Commerce’s International Trade Administration to promote travel and tourism exports.