AKBC e-Newsletter February

Dear AKBC Members,

2023 has begun with positive changes and new opportunities, and the AKBC team look forward to committing our efforts to furthering the bilateral relationship.

First and foremost, we would like to extend a warm welcome to His Excellency, Wan-joong Kim Ambassador of the Republic of Korea to Australia, who has recently taken up the posting in Canberra. We hope he is settling in well and look forward to working with him to enhance the Australia-Korea bilateral relationship.

It has been another positive start to the year in Australia Korea bilateral relations. The Republic of Korea released their Strategy for a free, peaceful and prosperous Indo-Pacific region in December 2022, identifying Australia as a strong strategic and development regional partner. President Yoon’s administration has shown clear indications of an intention to strengthen its regional strategic partnership with Australia and a healthy, firm commitment to upholding international norms and rules.

Despite global economic headwinds, Australian trade engagement with Korea continues to reach new heights. Preliminary data from 2021-2022 indicates that the trade relationship is continuing to expand, with Australian goods exports to Korea up by a third and two-way trade increasing by around 60% - making Korea Australia's third largest two-way trading partner, overtaking the US. This has been driven by Federal and State governments showing an increasing interest in visiting and deepening engagement with Korea, as decarbonisation and regional security/supply chains remain core shared challenges. In January, Premier McGowan visited Korea, holding meetings with major Korean corporations including Hyundai Motors, Korea Gas Corporation, and POSCO.

Greater efforts are also underway to promote Australian education to Korea, as Korean students are beginning to return to the country as the world cautiously emerges from COVID. Korea’s Ministry of Education has committed itself to focusing on vocational training and educational reform, what it calls the ‘first step’ to the nation’s 'new leap forward'.  These are healthy signs for Australia’s education sector, and the timing is opportune for the upcoming Study Australia Education Fair taking place in Seoul on 22-28 May. The AKBC Education sub-committee will be hosting our next education sub-committee meeting on 22 March in Sydney to continue leading the way in the bilateral engagement.

We are excited to be in Canberra for the inaugural Australia - Korea Business Forum this week and look forward to meeting with Ministers Hon Jim Chalmers MP and Hon Ed Husic MP next week along with the Parliamentary Friends of the Republic of Korea. We are also delighted to partner with Austrade on the upcoming event Invest in Australia with Bruce Miller AO, Chair of the Foreign Investment Review Board held in dual locations - Sydney and Seoul. This important event will connect attendees in both countries allowing exchange of dialogue despite distance. 

As always please feel free reach out at lcluniesross@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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