Australia-Korea Business Council
The AKBC was established in 1978 to promote two-way trade and investment with Korea through economic cooperation, dialogue and cultural understanding. Our purpose is to strengthen ties between Australian-Korean business communities by:
Chaired by the Hon Simon Crean and led by an Executive Committee of outstanding industry and government leaders, we are a member-based organisation of senior executives from a diverse range of business sectors with a commercial interest in Korea. The 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.
Communicate: We share the latest news and information on trade and investment exclusively for members to stay at the forefront of opportunities.
Connect: We build bridges for members to find the right Korean partnerships through events, networking and personal introductions.
Coach: We guide our members to achieve their business strategies with step-by-step tips and cultural training programs that allow them to successfully engage with Korea.
Collaborate: We work with governments and senior business leaders on policy, trade advocacy and industry support to champion a better commercial environment for our members.
In the last decades, investment levels between the two countries have skyrocketed from $600 million in 2003 to $49 billion in 2018. Total trade in 2018-19 was over $38 billion. This economic progress continues to be aided by the Korea-Australia Free Trade Agreement (FTA) signed in 2014 (one of only 11 FTAs).
With an increasing appetite to diversify Australia’s business interests, Korea is an ideal market. As Australia’s fourth largest trading partner, Korea is an important economic, political and strategic ally with shared values and interests.
The Australia-Korea relationship is teeming with opportunities and growth in world-leading industries both established and emerging. Recognising the rapid development of emerging industries, the AKBC has established five sub-committees in financial services, innovation in health and biotechnology, food and agriculture, critical minerals and renewable energy.