AKBC Media Release 02.09.24
MEDIA RELEASE
AUSTRALIAN AND KOREAN LEADERS MEET IN PERTH TO BOOST BILATERAL BUSINESS
2 September 2024
Senior business leaders, key government representatives and diplomats will gather in Perth on Monday for the 45th annual Joint Meeting of the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC), the peak event promoting bilateral business and investment between the two nations. The WA Government, through Invest and Trade WA and supported by Business Events Perth, will showcase Perth to delegates after successfully bidding to host this year’s meeting.
This year also marks the 10th anniversary of the signing of the Korea-Australia Free Trade Agreement (KAFTA), with the Joint Meeting providing an opportunity to reflect on the progress made since KAFTA liberalised trade between the signatories.
The official theme for this year’s event, ‘Navigating global shifts: Korea, Australia and the future’, sets the scene for a thorough exploration of the dynamic interplay between the two countries against a backdrop of a rapidly changing geopolitical landscape.
Among the dignitaries participating in proceedings are the Hon Martin Ferguson AM, AKBC Chairman; In-Hwa Chang, KABC Chairman and POSCO Group CEO; Hon Roger Cook MLA, Premier of Western Australia; the Australian Ambassador to Korea H.E. Jeff Robinson; the Korean Ambassador to Australia H.E. Seungseob Sim, Senator the Hon Don Farrell, Australian Minister for Trade and Tourism; the Hon Madeleine King, Australian Minister for Resources; and In-Kyo Cheong, the Korean Minister for Trade.
Senior representatives from Woodside Energy, Hanwha Defence Australia, Santos, GS E&C, Hancock Prospecting, QANTAS, Hyosung Heavy Industries, HD Hyundai Heavy Industries and Pilbara Minerals will also be in attendance.
AKBC CEO Liz Griffin said: “Korea is now Australia’s third largest trading partner and the Australia-Korea bilateral relationship is more critical than ever.
“This partnership is constantly evolving beyond the traditional trade in iron ore, coal and LNG into future growth industries including defence, infrastructure, technology and the resources essential to the global net zero transition including lithium, hydrogen and rare earths.”
Key investment outcomes and decisions involving Australian and Korean interests since the 44th Joint Meeting include:
Hanwha Defence Australia’s ~$5-7 billion contract with the Australian Army to supply 129 infantry fighting vehicles to be built in Australia;
LG Energy Solution and Liontown Resources Limited’s long-term strategic partnership securing high quality lithium supply; and
Terra Verde JV with GS E&C Australia selected for the major Suburban Rail Loop (SRL) East in Victoria.
“In an environmental of geopolitical shifts and with the imperative of having diverse and secure supply chains, Australia and Korea’s shared strategic interests, trade goals and position as middle powers make them ideal partners,” Ms Griffin said.
“As we celebrate the 10th anniversary of KAFTA, the Joint Meeting will be a vital platform for leaders from both nations to collaborate on achieving economic goals and extending our strong relationship long into the future.”
Minister for Trade of Korea, Dr Inkyo Cheong said “it is imperative that both countries leverage their strengths to further deepen future-orientated cooperation in areas such as supply chains, the transition to a clean economy and the digital transformation.
“It is a great pleasure to attend the 45th AKBC-KABC Joint Meeting and witness first-hand the strong collaboration between businesses of our two countries.”
Further information on the Joint Meeting is available here.
The Joint Meeting is sponsored by Invest and Trade Western Australia, Business Events Perth, Arafura Rare Earths Limited, Pilot Energy, Woodside Energy, Roy Hill, Gilber + Tobin, A&O Shearman, Progressive Green Solutions, Santos, EcoGraf Limited, Intercontinental Energy and ASM.
ABOUT AUSTRALIA-KOREA BUSINESS COUNCIL
Australia-Korea Business Council (AKBC) is a proactive, results-driven organisation supporting the commercial success of Australian businesses entering the Korean market and helping members achieve their business strategy in Korea.
As the leading national body committed to strengthening the Australia-Korea economic relationship, the AKBC, promotes two-way trade and investment with Korea through economic cooperation, dialogue and cultural understanding. Since the Council’s establishment in 1978, the AKBC has grown to more than 100 members including major banks, resource companies, government agencies and leading businesses.
Media enquiries:
Luke Forrestal
GRA Partners
+61 411 479 144
Luke.forrestal@grapartners.com.au