FKI “60th anniversary of Korea-Australia diplomatic ties… We need to diversify future cooperation areas”

Federation of Korean Industries (FKI) together with the Australian Korean Business Council (AKBC), co-hosted the 42nd AKBC-KABC Joint Meeting on Thursday 28 October.

The meeting was joined by Mr Jeong-Woo Choi, Chairman of Korea-Australia Business Council (KABC) and CEO, POSCO, the Hon Simon Crean, Chairman, AKBC, the Hon Dan Teahan MP, Minister for Trade, Tourism, and Investment, Mr Ki-Ho Han, Chairman of Korea-Australia Parliamentary Friendship Group and Mr Tae-shin Kwon, Vice Chairman/CEO, FKI.

Chairman Choi acknowledged during his opening remarks, “Economic cooperation between Korea and Australia over the past 60 years has been successful more than ever. Investment between the two countries has increased 5,000 times since 1965.

Minister Tehan said during his keynote speech “Australia and Korea have agreed to develop a comprehensive partnership and we look forward to revitalising the economies of both countries and create new jobs and opportunities for businesses”. He also said, “I am especially pleased that Korea is considering active participation in the CPTPP”.

Ambassador Kang, Korean Ambassador to Australia said “Korea and Australia need to diversify cooperation areas between two countries such as low emissions technology, vaccines, critical minerals and defence, there is so much potential”.

The two countries agreed that they should establish a Korea-Australia supply chain and promote global supply for critical minerals, which are the basis of the world’s energy transition.

David Woodall, Managing Director, Australian Strategic Materials (ASM) said during his presentation “we are working on a zero-emission Dubbo Rare Earths Mine Project with our Korean partners, and it is the first commercialised low emissions metallisation technology in Korea. As a result, we have succeeded in reducing emissions by up to 70% compared to the current industry standard.”

Mr Kaehee Oh, Head of Group, POSCO emphasised during his presentation that POSCO and Australia can be the best partners as Australia has critical minerals for secondary battery such as lithium, nickel, and graphite while POSCO is strong in technology and production of cathode materials.

The need for strategic collaboration was also reiterated by Yong ho Choi, Energy & Resources Practice Lead Partner, Deloitte Consulting Korea said during his presentation that due to the huge scope of the value chain of the hydrogen economy, strategic collaboration between hydrogen companies is essential.

Vaccine collaboration between two countries were delivered by Ms Julie Quinn, Senior Trade Commissioner, Austrade. She said cooperation between the two countries is important to catch-up on leading vaccine technologies in Europe and America. She also mentioned that Australia and Korea work together; Australia is strong in biomedical research ecosystem and has the world’s top 10 vaccine companies while Korea can offer the world’s largest CDMO and strong manufacturing base in biotechnology.

Read in Korean here:

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Australia Korea Business Council
PO Box 24430
Melbourne, Vic 3001 Australia
Liz Griffin – Executive Director

The Australia-Korea Business Council is the leading national body committed to strengthening the Australia-Korea economic relationship.