iMarketKorea, a leading business-to-business (B2B) industrial materials distributor, announced on Monday that it has entered into a financial support agreement with Korea Trade Insurance Corporation and Citibank Korea. The agreement aims to facilitate the development of an advanced industrial complex in Texas, U.S.
This collaboration is designed to provide tailored long-term financial backing for iMarketKorea’s ambitious project, the Gradient Technology Park in Texas.
As part of the agreement, Korea Trade Insurance Corporation will offer guarantees to support iMarket Korea’s U.S. investment initiatives. Leveraging these guarantees, Citibank Korea will extend 60 million USD in financing for the Gradient Technology Park development.
Citibank Korea, acting as the sole lead underwriter, has structured the financial support to mitigate potential investment burdens and financial risks typically associated with early-stage projects.
This partnership aims to ensure the steady progress of the Texas industrial complex project while fostering industrial infrastructure that will help Korean firms establish a foothold in the U.S. market.
Through its local subsidiary, iMarketKorea plans to develop the Texas industrial complex in phases. The goal is to create a global industrial ecosystem where Korean companies can establish robust manufacturing, logistics, and high-tech industry hubs.
The Gradient Technology Park is poised to become a strategic platform for Korean businesses looking to secure production bases and business operations in North America.
The Gradient Technology Park, spanning approximately 860,000 square meters (about 213 acres), represents iMarketKorea’s significant investment in Texas’s high-tech sector. The first phase of development, currently underway, covers about 330,000 square meters (about 82 acres). iMarketKorea aims to complete the construction of logistics warehouses and multi-purpose industrial facilities for this initial phase by year-end.