Iowa officials hope Korea trip will yield investments

DES MOINES - Iowa's economic development chief expressed hope Friday that her latest trade mission to Asia will open the door to increased exports and investments.

'The opportunities for Iowa to increase trade with Korea are immense,” said Debi Durham, director of the Iowa Economic Development Authority.

A 20-member trade delegation led by Gov. Terry Branstad has been in South Korea this week 'prospecting for new opportunities”, Durham said.

'The past several days have proven to be quite hectic and fruitful, but it appears that is how we roll,” Durham told reporters during a call Friday from Seoul. 'Elevating international trade and investment is absolutely the right strategy for Iowa and the nation.”

Branstad said Iowa already has its foot in the door, with major South Korean business investments in Cedar Rapids and Fort Dodge. He expressed hope that more ties can be nurtured between Iowa and South Korea, which Durham called a 'substantial and dominant economic player.”

'It's been a busy and active schedule,” said Branstad, who is on his fourth visit to the country. South Korean officials noted Branstad has made more trips there than any other U.S. governor.

The Iowa delegation met with businesses that have existing operations in Iowa as well as companies the state is looking to attract to Iowa.

Durham noted that South Korea is Iowa's ninth-largest export market, with sales of manufactured and value-added goods up 25 percent to $366 million in 2014. It also is a top destination for Iowa's pork and beef products.

Branstad said the Iowa delegation's agenda included a reception hosted by the U.S. ambassador to South Korea and visits with international trade and investment promotion agencies, a stop at the Seoul National University and tours of an auto research center and biotech production facilities.

The governor plans to travel Sunday to Tokyo for the Midwest U.S.-Japan annual conference - a gathering of Midwestern state leaders from America and Japanese officials that last year was in Des Moines. The governor's travel is being paid by the Iowa Economic Development Authority foundation.