by David Ball
Staff Writer
Republic of Korea Ambassador to the U.S. Lee Tae-Sik was very clear in his assessment of where Jacksonville’s port ranks among the rest of the nation.
“Jacksonville is regarded as the most important port in the Southern United States,” said Lee. “It is regarded as a hub. It’s closer to the Panama Canal and it has such wonderful transportation systems around it.”
Only 30 minutes after his plane landed at Jacksonville International Airport, Lee sipped his coffee and skillfully spoke to such issues as the recent milestone in free trade, honoring American war veterans and, of course, Jacksonville’s important new port agreement.
Lee was in Jacksonville yesterday and today as a result of that landmark agreement reached between the Jacksonville Port Authority and Korean shipping giant Hanjin Shipping to begin contracts for a new $360 million terminal here.
Before a busy schedule of lunch and dinner events and a tour of the Port facilities, Lee and Port Executive Director Rick Ferrin sat down with the Daily Record Thursday at the Port’s Cruise Terminal to talk about Korea’s rapidly emerging economy, why Jacksonville is a key piece to the U.S.-Asia trade puzzle and when he’ll be back to Northeast Florida.
“I’ll have to bring my wife here during the deep winter,” smiled Lee, as he noted the warm temperatures and stared at a photo of Jacksonville’s beaches hanging on the wall.
A career diplomat since 1973, Lee was casual in his greetings and made sure he shook the hand of each person in the room and personally handed them a business card. Once engaged in talk, Lee became an attentive listener and tactful communicator.
“The U.S. has never had an agreement like this in Northeast Asia,” said Lee about the historic free trade agreement reached this spring between the U.S. and South Korea that will reportedly add $20 billion to bilateral trade.
“This will result in a dynamic economic jump,” added Lee. “Korea will be regarded as an important hub for your industries.”
The largest bilateral free trade agreement ever struck, and the biggest deal of its kind since 1994’s North American Free Trade Agreement (NAFTA), the Korean deal brought down tariffs and other trade barriers and effectively opened the door to the 11th-largest economy in the world.
Lee said the agreement will open American exporters up to Asian buyers hungry for products like soybeans, beef and cow hides, cotton, corn, wheat, California wines and computer products.
“The rule of the game here is how you play by globalization,” said Lee, who noted that Korea’s economy is on a major comeback since a collapse in 1997. “We have a strategic agenda. We gave you the market opportunities here, and we want to upgrade our economic system.”
The deal likely won’t result in many more Korean products entering the U.S. due to increased competition from inexpensive Chinese products, said Lee, although U.S. consumers should see price drops in products like Samsung TVs and Hyundai cars.
But whether imported or exported, many of those products will funnel through the proposed 170-acre Hanjin shipping terminal forecasted to create more than 6,000 new jobs and add $1 billion to the local economy.
Two years ago, the Port reached a deal with Tokyo-based Mitsui O.S.K lines for a direct container shipping line between Jacksonville and Asia at the new Dames Point terminal. The terminal, set to open in 2009, is expected to generate another $1 billion annually and create close to 10,000 direct and related jobs.
“All of the ports (in America) are competing for the Asian business,” said Ferrin. “Korea has made quite significant inroads into trade prospects, and we are delighted Hanjin has selected us.”
Competition was fierce, as Ferrin said at the same time he and Mayor John Peyton were in Korea last month finalizing the agreement, Georgia Gov. Sonny Perdue was attempting the same thing.
“Yes, he was there,” said Ferrin. “We had available land, deep water access, a favorable labor situation and a city that welcomes them (Hanjin) with open arms. That makes a big difference.”
Lee said that type of spirit between nations is exactly what is needed, and it’s why he will be speaking to a group of Korean War veterans at the Jacksonville Veterans Memorial Wall near the Sports Complex from 2-4 p.m. today.
He said South Korea wouldn’t be looking to come to Jacksonville today if soldiers from Jacksonville and across the U.S. hadn’t come to Korea during its struggles more than 50 years ago.
“They gave an important part of their lives while my country was in trouble,” said Lee. “Many say the war in Korea was a forgotten war. It was very important and was not in vain. It helped make Korea what it is now, and I appreciate their sacrifice.”