Korea pact could aid Connecticut

South Korean consul general visits Malloy to talk trade, investments

HARTFORD — Korean Consul General Hyo-Sung Park on Wednesday said a nuclear-free Korean peninsula would be an economic boon for Connecticut, the U.S. and surrounding Asian countries.

“If the North Korean nuclear issue is resolved, and countries like Korea, China, Japan and the U.S. make investments in North Korea, it will offer a huge business opportunity that is in everyone’s best interest,” Park said.

“If everything goes well, the Korean peninsula will be able to provide an explosion of business opportunities for domestic companies and companies from Connecticut,” Park said.

The ambassador visited the state Capitol to meet with Gov. Dannel P. Malloy, perhaps providing a welcome diversion from homegrown issues such as budget deficits that usually dominate the building.

The roughly half-hour

talk touched on subjects ranging from denuclearizing the Korean peninsula to expanding state export opportunities and a $5 billion casino resort the Mohegan tribe is building in Korea.

According to the U.S Census Bureau, Connecticut in 2017 sold $536 million worth of products to Korea, including aviation parts, electrical supplies and machinery. Korea is the ninth largest buyer of the state’s products.

Park, who repeatedly called Connecticut the “No. 1 state,” said 19,000 Korean-Americans make the state their home.

Kelly Donnelly, Malloy’s spokeswoman, said the governor had a “good meeting” with Park.

“The conversation focused a great deal on current geopolitical events as well as our trading relationship,” Donnelly said. “It is important to ensure that this strong working relationship continues well into the future.”

The visit came a day after Korean President Moon Jae-in met with President Donald Trump at the White House to discuss a range of issues, including a potential summit between Trump and North Korean leader Kim Jong-un.

Park called Tuesday’s meeting between his president and Trump “successful” and pointed out both presidents assured North Korea it would be safe if the country abandons its controversial nuclear weapons program.

“Both leaders agreed to denuclearize the Korean peninsula and gave a security guarantee for North Korea if they agree to denuclearize,” Park said.

“President Trump said he would guarantee (Kim’s) safety,” Park noted. “Countries like China, Korea and Japan are willing to help, and help make North Korea great.”

Peter Gioia, an economist with the Connecticut Business and Industry Association, said Korea has long been an important customer for Connecticut products, and a nuclear free and peaceful North Korea would provide even more opportunities.

“If North Korea focuses on economy, they could see dramatic growth in a peaceful trade-based environment,” Gioia said. “They need everything, and they have hard-working people. It could be a win-win situation.”

James Watson, a spokesman for the state Department of Economic and Community Development, said some of the state’s biggest exports to Korea are electrical and industrial machinery, inorganic chemicals and articles of iron and steel.

“There are many strong links between Connecticut and Korea, particularly in the field of aerospace,” Watson said.

A Korean aerospace delegation visited the state’s aerospace companies in September 2016, and United Technologies in February announced it’s providing key components for Korea’s KF-X fighter jet, Watson said.

Park said last year’s Connecticut exports represented a 47 percent increase compared to the previous year.

Gioia said it’s not unusual for ambassadors

to call on American states and push a business-friendly message. “Diplomats do that a lot,” he added.

Mohegan Sun/Korea

Asked about Malloy, Park heaped praise on the outgoing Democratic governor, who is not seeking a third term this fall.

“He is just a nice person and I had a productive discussion,” Park said. “Korea is a trading partner and trade is booming. There is great potential for expanding trade between Korea and Connecticut.”

“I praised the governor, the government and the Assembly’s support and cooperation for the Korean community (in Connecticut), and asked for continued cooperation and support.”

Park said the Mohegan Sun project represents a vast investment and undertaking.

“The Mohegan Sun is working on building a resort complex on east side of Korea,” Park said. “Business relations between Connecticut and Korea are promising and prosperous.”

The resort, dubbed Inspire, will be built in phases and features three hotel towers with 1,350 rooms, 20,000 square-feet of gambling space, including 1,500 slot machines and 250 table games, a 15,000-seat concert venue, retail shops, an amusement park and restaurants.

The casino will be located adjacent to Incheon International Airport near Seoul. The airport serves nearly 60 million passengers a year.

Park