VBDA Approves Sublease of International Incubator to Kapa Global Inc.

August 22, 2023

VIRGINIA BEACH, Va. (Aug. 22, 2023) – The Virginia Beach Development Authority (VBDA) announced today it has approved the sublease of the Authority’s International Incubator space to Korean Automobile Parts Association (KAPA Global Inc.)

Established in Deajeon, Korea in 2012, KAPA Global Inc. is a Korean association that represents the auto parts sector. KAPA is looking to establish a U.S. headquarters and is utilizing the incubator as a transition space until establishing a permanent presence in the community. Virginia Beach was chosen, in great measure, due to its proximity and access to the Port of Virginia and regional workforce pool. The City of Virginia Beach and the Port of Virginia worked closely together to convince KAPA Global Inc. that a Mid-Atlantic location, and proximity to major U.S. markets, would be a significant advantage to the Korean automobile industry.

The Virginia Beach International Incubator offers international companies needed spaces to get their operations off the ground and grow their sales before establishing their own office or manufacturing facility in the city. The incubator is located at Town Center, adjacent to the Economic Development offices.

KAPA Global plans to first open an administrative office, and later a warehouse distribution center, testing laboratory and manufacturing facility.

“We are excited to have an opportunity to start our business expansion in the city of Virginia Beach, as they offer the best opportunity for our business to be successful,” said Jonathan Steve Yun, president of KAPA Global Inc. “We are very much looking forward to being a part of the community.”

“Assisting international companies in their transition and expansion into the U.S. market is what the incubator is designed to accomplish," said Chuck Rigney, interim director of the Virginia Beach Department of Economic Development. “We are excited about this partnership and look forward to seeing KAPA realize its long-term goal of establishing permanent facilities in Virginia Beach.”

About Virginia Beach & the Department of Economic Development

Virginia Beach, one of Virginia’s most populous cities, resides where the Chesapeake Bay meets the Atlantic Ocean. The mission of the Virginia Beach Department of Economic Development is to drive economic vitality and inclusive prosperity in the city by fostering the attraction and creation of new investment, innovation, and jobs. www.yesvirginiabeach.com

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