23 Oct Introduction to the Korea-Australia Business Council
In the latter part of the 1970s, Korea embarked on industrialization efforts in steel, shipbuilding, and petrochemicals, among other areas. As a result, the country felt a strong need to interact with developed economies, and began forging economic cooperation with Australia, a country endowed with abundant natural reserves. In 1976, the Federation of Korean Industries (FKI) sent an economic delegation to visit the Australian Chamber of Commerce. Soon, the two countries concurred on the need to promote more cooperation, which led to the establishment of the Korea-Australia Business Council (KABC). Chaired by POSCO, a global steel business whose success is synonymous with the history of Korean economic development, the time-honored dedication of KABC has contributed to enhanced economic relations between Korea and Australia.
FKI, a premier business organization with membership composed of over 500 leading Korean companies and business associations, serves as the KABC Secretariat. Founded 1961 as an independent and private business organization, the collective contribution of its member businesses made to the Korean economy is 50% in investments and 70% in exports (based on 2016 data). FKI makes business-friendly industrial and economic policy recommendations to the government, thereby assisting Korean businesses to achieve globalization.
Australia-Korea Business Council (AKBC) makes policy recommendations to the Australian government on ways to promote business exchanges, to enhance business opportunities, and to improve programs to facilitate bilateral business activities. It is also responsible for broad communication of major economic issues that concern both Australia and Korea not only to the government, but also to other stakeholders.