AKBC e-Newsletter April & May
Dear AKBC Members,
Welcome to the April & May 2023 edition of our newsletter, where we bring you the latest updates on the latest Australia-Korea trade and bilateral developments.
Treasurer Jim Chalmers announcement this week on a $2 billion hydrogen fund is welcomed as Australia seeks to build our capabilities and capacity while increasing our competitiveness in developing this industry. This will help lay down foundation in attracting further investments from Korea.
Our Invest in Australia event held concurrently in Sydney and Seoul last month, also showcased Korea Zinc’s investments in Australia over the past two decades, and their plans to transition to renewables in Australia. “Australia’s low country risk and proximity to South Korea make Australia attractive to Korean investors”, presented by Mr Kijune Kim, Executive Vice President at the event as he outlined their plan to net zero by 2040. Bruce Miller AO, Chair of the Foreign Investment Review Board (FIRB) also highlighted some of the improvements in the FIRB review process, with decisions on applications going down from 42 days to 38 days.
In other news, following Hyundai Motor group’s announcement of US$18.2 billion investment in domestic electric vehicle production and facilities, exports of South Korean passenger cars were seen to have risen by 41% in the first quarter. Exports to Australia in particular jumped 16.6 percent on the previous year.
In upcoming events in Korea, Seoul Food 2023 will be running from the 30th May to 2nd June at KINTEX.
Finally, please note in your calendars, our premier event of the year - the 44th KABC-AKBC Joint Meeting will be taking place in Seoul on September 7-8. We will have more details to share on the Joint Meeting in coming weeks.
As always please feel free reach out at info@akbc.com.au if you'd like to get in touch. I welcome suggestions and feedback on our planned engagements and activities.
Sincerely,
Louise Clunies-Ross
AKBC Executive Director
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