Governor's Office of Business and Economic Development: South Korea.

The Economic Revitalization Act establishes the Governor's Office of Business and Economic Development, also known as "GO-Biz," to, among other duties, serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. Existing law authorizes the office to accept private donations for purposes of operating any international trade and investment office and for purposes of promoting international trade and investment events, and requires those moneys to be deposited in the Economic Development and Trade Promotion Account, a continuously appropriated fund in the Special Deposit Fund in the State Treasury. Existing law authorizes the office to use moneys in that account for these purposes. This bill would authorize the office to establish one or more public-private partnerships to help guide state activities relating to the export of California products and the attraction of employment-producing direct foreign investment with key country and industry partners. The bill would also require the office to establish a South Korean Trade Promotion Advisory Committee to help guide state activities related to the export of California products to South Korea and the attraction of employment-producing direct foreign investment by South Korean investors. This bill would authorize the office, for each public-private partnership established, to accept nonstate moneys, including, but not limited to, private sector funds, for activities related to this particular public-private partnership, consistent with specified requirements. The bill would require these private sector moneys to be deposited in the Public-Private Partnership Subaccount, which would be established within the Economic Development and Trade Promotion Account and would be continuously appropriated to the director, only for activities related to the particular public-private partnership for which the moneys were received, consistent with specified requirements.