AKBC Media Release 15.09.25
MEDIA RELEASE
September 15, 2025
Australian and Korean leaders meet to unlock billions in new trade opportunities
- The 46th Joint Meeting between the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC) takes place in Seoul on September 15-17
- The Korea Free Trade Agreement was signed in 2014. Today, Korea is Australia’s third largest export market
- The summit brings together business leaders and government officials to deepen trade and business relationships between the two countries
- This year’s event will look at how to maximise investment opportunities
Unlocking billions of dollars in trade and investment opportunities between Australia and Korea will be top of the agenda when delegates gather for the 46th AKBC-KABC Joint Meeting in Seoul this week.
Ambassadors, government officials and senior business leaders from both countries will discuss how to deepen ties at the annual meeting, which takes place from September 15-17.
Eleven years since the signing of the Korea-Australia Free Trade Agreement (KAFTA), Korea remains Australia’s third largest export market and our fourth biggest two-way trading partner, having stimulated strong growth for more than a decade.
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.
Energy security, critical minerals, artificial intelligence and the defence and space industries will all be discussed as major new opportunities during the three-day meeting, which comes less than two months before the APEC Summit in Korea, to be attended by world leaders including Australian Prime Minister Anthony Albanese.
Australian Ambassador to Seoul, H.E. Mr Jeff Robinson, who will deliver an opening address at the Joint Meeting, said: “The fact that this Joint Meeting has been running for nearly half a century is indicative of the strength and longevity of the trade and investment relationship between Australia and the Republic of Korea.
“We have naturally complementary economies, but without the hard work and deep relationships between the business communities in both countries, Korea would not have grown to become Australia’s fourth largest trading partner.
“The AKBC and KABC have played an integral role in this growth and will continue to be indispensable as we take new opportunities and address new challenges together, including the energy transition, supply chain resilience and a changing strategic environment.”
AKBC Chairman, The Hon. Martin Ferguson AM, added: “Whilst Australia has to manage its relationship with China and the US more than ever, the potential axis of Japan, Australia and South Korea working together from a trade and geopolitical point of view has never been stronger.
“One weakness for Australia is that Korea is not one of our leading investors, yet they are looking at investment opportunities at the moment in areas such as critical minerals, defence and agri-foods.
“The issue is whether Australia is equal to the task. The recent productivity roundtables must be used to streamline approvals and make it easier for Korea to invest here because capital is foot loose.
“It's now or never for Australia; front up to regulatory reform and lay out the red carpet to Korean investment.”
Other topics to be addressed at the meeting, themed Forging Strategic Resilience: Enhancing Korea–Australia Industry, Innovation, and Sustainability, will include the continued importance of people-to-people links, which help drive closer cultural ties.
In the tourism sector, post-Covid visitor numbers from Korea to Australia rebounded faster than most other countries while K-culture is booming around the globe, spurred most recently by the hit Netflix animation, K-POP Demon Hunters, which has been viewed nearly 40 million times globally.
Growing higher education opportunities will also be explored, with students from Korea currently just the 14th largest international cohort studying in Australia.
AKBC CEO Liz Griffin said: “The signing of KAFTA in 2014 supercharged our trading ties and opened the door for many industries to benefit as regulation barriers were removed and deeper bonds were created between businesses.
“But there is still much to be done. The clean energy transition means our two countries should be working together to capitalise on things like green hydrogen exports and carbon capture agreements.
“This Joint Meeting comes at a critical juncture in global trade, and we look forward to deepening our ties further.”
Event partners include ANZ, Low Emissions Technology Australia, Pilot Energy, University of Queensland, Arafura Rare Earths, Export Finance Australia and PLS.
ABOUT THE AUSTRALIA-KOREA BUSINESS COUNCIL
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:
Simon Wheeler,
Elexia Communications
0404 417 931 swheeler@elexia.com.au