Alaska’s exports to Korea increased 17 percent to a record high $684 million, fueled by significant growth in export of seafood. Approximately half of Alaska’s exports to Korea are seafood; Korea plays an important role in brokering Alaska seafood products to other Asian markets. The port of Busan is an increasingly important point for pollock roe grading.

Alaska seafood promotions continue to be popular in Korea. In 2005 promotions were held with hotels, distributors, department stores, and a chefs’ association.

To see the USDA Foreign Agricultural Service’s annual report on Korea and fishery products, see http://www.fas.usda.gov/gainfiles/200511/146131463.pdf

Korea was the largest single market for Alaska’s exports of fertilizer in 2005. The fertilizer export to Korea totaled $174 million. Agrium’s plant is at tidewater on the Cook Inlet where product can be loaded on ocean-going vessels for direct shipment to international markets. In 2005, fertilizer was shipped directly to Korea, Mexico, Chile, and China.

Alaskan coal from Usibelli Coal Mine at Healy has been exported to Korea since 1985 via the Alaska Railroad and the Seward port. Exports of coal to Korea were $10 million in 2005. In Korea, approximately 22 percent of energy needs are met by coal.

Against a backdrop of China’s log fumigation requirements and Japan’s declining number of sawmills, Alaska’s 2005 forest products exports to Korea increased 48 percent to $55 million.

Exchanges between Korea and Alaska occur several times a year. In 2005, the Chairman of one of Korea’s largest conglomerates, Daesung Group, Young-Tae Kim, and former Ambassador Sung Chul Yang visited Alaska to learn more about energy investment opportunities in coal, oil and gas. Senator John Cowdery and Representative Vic Kohring visited Seoul. In June 2005, the Department of Commerce, Community & Economic Development organized a Korean seafood buyers’ conference in Anchorage. In September 2005 Anchorage Mayor Mark Begich and a delegation from Anchorage visited Incheon, Korea for the dedication of the Anchorage Sister Cities jade monument.

The State of Alaska participated in the Investment Opportunities Forum at the Asia Pacific Economic Cooperation (APEC) meetings in Busan in November, 2005. The APEC Economic Leaders’ Summit was attended by Presidents Bush, Roh, Hu and Putin, and Prime Ministers Koizumi and Martin. The United States used its investment opportunities session for presentations from states on a variety of topics such as resource development, foreign direct investment, corporate relocation, and trade opportunities.

Korea is an important market for the Alaska visitor industry. In 2005, the Governor led a successful team effort to convince U.S. Embassy officials in Seoul to establish an Alaska Explorer Visa Program (AEVP) for Korean travelers. The new program, designed by Ted Stevens Anchorage International Airport and the Alaska Travel Industry Association, provides a guaranteed number of visa interviews at the U.S. Embassy for Alaska-bound visa applicants. Twenty Korean travel agencies are participating in the program which was approved by the Embassy in spring 2006. In other welcome news for Korean visitors to Alaska, Korean Air initiated summer passenger charter service between Seoul and Anchorage in 2005.