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AKBC e-Newsletter December

December 19, 2023

Dear AKBC Members,

As the year draws to a close, we reflect on the remarkable journey we have had throughout 2023. The Australia-Korea Business Council has been a hub of collaboration and progress, fostering dynamic connections and partnerships between Australia and Korea. It has been an eventful year filled with insightful discussions, impactful events, and meaningful networking opportunities that have propelled our bilateral relations forward. I'm delighted to share some highlights of the year with you:

  1. Australia-Korea Parliamentary Forum in Canberra: This was a hugely successful visit, with our members meeting with Treasurer Jim Chalmers and the offices of Deputy Prime Minister Marles, Minister King, and Minister Husic discussing key opportunities in bilateral trade and investment and identifying areas where we can better engage policymakers on mutually beneficial collaboration and partnership.
  2. Invest in Australia Forum in Sydney: Australia-Korea Business Council and Austrade jointly hosted the impactful ‘Invest in Australia’ event. Korea, now identified as Australia’s third largest trading partner, showcased immense potential for expanded investment in various burgeoning Australian sectors. The event, bridging business and policy leaders from Seoul and Sydney, offered a crucial insight into Australia's investment landscape. Notably, Mr. Bruce Miller AO, Chair of FIRB, shared invaluable insights into the FIRB review process, complemented by Mr. Kijune Kim, Executive VP of Korea Zinc, presenting a compelling case study on their Australian investments. A panel discussion moderated by Jessica Robinson, featuring industry experts from EG Funds Management and Austrade, facilitated robust conversations across both nations. Special thanks to Deputy Chairman John Walker AM, Ronald Green from Austrade Seoul, and PwC Australia for their invaluable contributions.
  3. WA-Korea Business Forum in Perth: The WA-Korea Business Forum, held in Perth on May 4th and 5th, 2023, attracted substantial participation, focusing on opportunities and challenges in critical minerals, energy, defence, and security for Western Australian and Korean businesses. Leading up to the forum, several engagements facilitated interactions between Korean and Australian businesses, including a notable VIP dinner hosted by Premier Roger Cook, featuring a live koala feeding at the Ritz-Carlton and a visit to BP Kwinana, showcasing its transformation to a hydrogen and biofuels facility.
  4. 44th KABC-AKBC Joint Meeting in Seoul: Pivotal event that saw the active participation of over 200 distinguished political and business leaders from both Korea and Australia. The theme of this gathering, "Cultivating an Innovative Future via Korea-Australia Collaboration," underscored our commitment to exploring innovative pathways in our partnership. WA Premier Roger Cook was a special guest at this year's Joint Meeting, announcing the winning bid to host the next 45th AKBC-KABC Joint Meeting in Western Australia in 2024.
  5. The 2023 Australia-Korea Critical Minerals and New Energy Forum: This was a resounding success, drawing over 170 attendees from diverse industries, with approximately half joining delegations from Korea led by Hohyeon Lee, Deputy Minister for Energy Policy at the Ministry of Trade, Industry and Energy. Feedback has been overwhelmingly positive, highlighting the value of insights from government and industry representatives, active participant contributions, and valuable networking opportunities. A sincere thank you to our esteemed speakers for their invaluable insights.
  6. Gyeonggi Provincial Government Visit and meeting with AKBC: AKBC representatives met with the Governor of Gyeonggi Province Mr Dong Yeon Kim in Sydney on 28th of November. The purpose of the meeting was to explore collaborative opportunities between Gyeonggi Province and Australia, with an aim to enhance trade and investment in sectors such as energy,  hydrogen, food and agriculture, investments, and R&D. Governor Kim expressed a positive outlook on advancing trade and investment ties with Australia. Gyeonggi Provincial Government met AKBC 
  7. Regular AKBC sector-focused sub-committee meetings: Throughout the year, we hosted a series of sector-focused sub-committee meetings in all the priority sectors - Critical Mineral, Education, Energy, Financial Services, Food and Agriculture, providing in-depth knowledge sharing and fostering collaboration.
  8. Regular AKBC Korean Business Fundamentals Cultural Training Sessions: AKBC delivered ten bespoke and public Korean Business Fundamentals Cultural Training sessions in 2023, which are designed to help our members learn the fundamentals and practical know-how of building relationships with Korean counterparts. The sessions covered general, practical introduction to Korean culture in a business-oriented context for organisations newly engaging with Korea and others seeking to better engage with Korean organisations.

Looking ahead to 2024, we are excited to continue our journey of growth and collaboration to deepen the economic ties between Australia and Korea. Here is a glimpse of what is in store for the upcoming year:

  1. Expanded Events Calendar: Anticipate an expanded calendar of events, with many of these driven by our sector specific sub-committees, providing our members with more opportunities for engagement and collaboration.
  2. Enhanced Networking Opportunities: We are dedicated to providing enhanced networking opportunities, both in-person and virtually, catering to the evolving needs of our members. 
  3. 45th AKBC-KABC Joint Meeting in Perth in 2024: Next year’s event (dates soon to be announced) will see senior business executives, industry leaders, and key decision-makers from the Australian and Korean bilateral corridor meet in Perth to discuss opportunities for collaboration and partnership in key sectors such as Energy, Critical Minerals, Financial Services, Defence, Education and Food and Agriculture.

As we conclude the year, we extend heartfelt thanks for our members for their support and active engagement, which underpins our success. Looking ahead, we are enthusiastic about the forthcoming opportunities and due to our continued growth, we will be recruiting for a number of roles. If anyone in your network is interested in joining our fast-growing organisation, please don't hesitate to reach out. Wishing all our members and stakeholders a Merry Christmas and a joyous holiday season during this festive time.

Sincerely, 

Liz Griffin
Executive Director
Australia-Korea Business Council

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