AKBC Media Release 01.09.26

 

September 1, 2026

 

 

 

Korea and Australia’s rapidly growing business partnerships, fuelled by emerging industries such as space, Artificial Intelligence and critical minerals, will headline the 47th Joint Meeting between the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC) in Adelaide on September 1-2.

 

At a time when geopolitical and economic disruption and transformation is reshaping the global landscape, Australia and Korea have an opportunity to strengthen their ties as trusted, like-minded partners. Delegates will explore the strategic importance of the bilateral relationship and the role of business, government and research in driving future growth, resilience and prosperity.

 

The Joint Meeting will be opened by Foreign Affairs Minister, Penny Wong, Australia-Korea Business Council Chair, Hon. Martin Ferguson AM, and Korea-Australia Business Council Chair and CEO of POSCO Holdings, Dr Chang, In-Hwa.

 

Key speakers during the event include M Resources Founder and President Matt Latimore, Australia Space Agency Head Enrico Palermo, Santos Executive Vice President Sean Pitt, and Hanwha Defence Australia Deputy CEO Maro Kim.

 

Australia-Korea Business Council Chair, Hon. Martin Ferguson AM, said: “There is no better recent demonstration of the strengthened partnership between the two countries than during this year’s global fuel crisis, with both countries in April agreeing to strengthen cooperation to ensure stable supplies of diesel and other energy resources amid ongoing global supply disruptions linked to the Middle East crisis.

 

“Strengthening our countries’ business links through critical areas like energy security opens up other opportunities for collaboration and partnerships between like-minded Australian and Korean businesses.

 

“These partnerships are now extending to emerging industries, with our combined interest in artificial intelligence and the resources required to grow this sector among the key topics of interest, along with our growing space industries.”

 

Australian Foreign Minister Penny Wong said: “Australia and Korea are Comprehensive Strategic Partners, with a long and trusted economic and resource partnership grounded in a shared commitment to open markets and rules-based trade.

 

“The Joint business council meeting plays a crucial rule in this cooperation. For nearly five decades it has brought together leaders who understand that the Australia–Korea relationship is not just about trade volumes, but about building shared capability and shared confidence.

 

“This year’s meeting continues that tradition, strengthening the ties that make both our economies more competitive, more innovative and more resilient.”

 

South Australian State Development Minister Chris Picton said: “South Australia’s relationship with South Korea is important for our long-term trade and investment goals. It is built upon shared strategic interests, complementary economies and strong connections.

 

“It is fitting that this significant event has come to Adelaide this year, given we share similar strengths, and there is strong business collaboration between us in green energy transition, mining, housing and construction. I look forward to continuing to build on the economic and trade ties between our two countries.”

 

AKBC CEO Liz Griffin said: “Meeting highlights will include Australian Space Agency Head Enrico Palermo who will outline to the meeting how Korea is now a priority partner, focusing on infrastructure manufacturing supply chains and integrating critical technologies. Meanwhile Santos Executive Vice President Sean Pitt will highlight how its Barossa project is the first greenfield project in which a Korean company has invested from the outset.

 

“Other companies like DCI Data Centers are capitalising on the AI revolution through Korean partnerships to build data centres. Australia has the world’s largest known reserves of lithium and is a significant producer of nickel, cobalt, rare earths and graphite. Korea is home to three of the world’s top five battery manufacturers and one of the world’s leading manufacturers of semi-conductors and they need these critical minerals for production. So AI presents an exciting economic opportunity for both countries.”

 

Twelve years since the signing of the Korea-Australia Free Trade Agreement (KAFTA), Korea is Australia’s third largest export market and fourth largest two-way trading partner.

 

Observatory of Economic Complexity (OEC) figures for June 2025 to June 2026 show exports from South Korea to Australia increased by $953m – a staggering 80.9 per cent - from $1.18b to $2.13b. Australian exports to Korea jumped by $886m – or 42.1 per cent - from $2.1b to $2.99b.

 

Australian Bureau of Statistics figures place Australian exports to Korea in 2025 at $44.2 billion, while imports are sitting at $23.3 billion.

 

However, Korean companies don’t rank among the top ten biggest investors Down Under, signalling huge potential for deeper ties across a range of sectors.

 

Key topics to be addressed at the meeting will include:

 

Event partners include Santos, GLNG, M Resources, Intercontinental Energy, Senex Energy, Harmony Agriculture & Food Company, University of Sydney, The CarbonNet Project, Egress Space, A&O Shearman, Low Emissions Technology Australia and PLS.

 

 

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.

 

CONTACT:

Hughes PR

0401 147 558 mark@hughespr.com.au