The Korea International Trade Association, or KITA, said Friday that it will hold an annual business forum with economic organizations in Los Angeles to promote trade and investment.

The non-profit business association held on Thursday the first Korea-Los Angeles Business Summit in the American city. The event was jointly sponsored by the Los Angeles Area Chamber of Commerce and the Korean American Chamber of Commerce of Los Angeles.

KITA Chairman Lee Hee-beom said in a speech that Korea and Los Angeles have great potential for mutually beneficial cooperation, citing the city's global competitiveness in agriculture, aviation, aerospace, tourism, fashion and culture, alongside Korea's strengths in Internet services, broadband networks, mobile phones and flat-panel TVs.

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