Welcome to the AKBC Business Connect - August & September 2026

October 01, 2026

What a month for the Australia–Korea relationship.

On 1–2 September we welcomed 250 business and government delegates to Adelaide Oval for the 47th AKBC–KABC Joint Meeting. It was the first time the meeting has been held in South Australia. My thanks to our Chair, Hon. Martin Ferguson AM, to our KABC counterparts led by POSCO Group Chairman Chang, In Hwa, and to Foreign Minister Hon. Penny Wong and Trade Minister Hon. Don Farrell for their support. The Joint Statement signed on 2 September set out three clear priorities:

Integrating critical minerals and battery materials supply chains;
Building clean energy ecosystems; and
Deepening and broadening cooperation in AI, defence, shipbuilding and space.

Three weeks later, those priorities were on the agenda at the highest level. On the sidelines of the UN General Assembly in New York, Prime Minister Albanese and President Lee met on 22 September. With the Strait of Hormuz crisis testing global energy markets, the two leaders agreed to strengthen cooperation on LNG and build stable, resilient regional energy supply chains. The Prime Minister described Korea as "a reliable partner for Australia in critical minerals and clean energy," highlighting the potential of combining Korea's manufacturing capabilities with Australia's abundant resources, and invited President Lee to visit Australia in the first half of 2027. We look forward to supporting that visit.

President Lee also met President Trump in New York, ahead of the US midterm elections on 3 November. The leaders welcomed "significant progress" on Korea's US$350 billion investment commitment to the United States, including US$150 billion for shipbuilding. They also discussed nuclear-powered submarines, nuclear fuel enrichment and reprocessing, and the transfer of wartime operational control (OPCON) to Korea.

This all comes in a milestone year: 65 years of diplomatic relations and five years of our Comprehensive Strategic Partnership. The relationship has grown well beyond iron ore and LNG into joint investment, technology and security. The job for business now is to turn statements into projects, and AKBC will keep working to make that happen.

And finally, something lighter: it was great to see Korea's players do so well at the Presidents Cup at Medinah. With Australia's Geoff Ogilvy as captain and Korean players at the heart of the International team, it was the Australia–Korea partnership in action.

To our Korean members and friends, I hope you enjoyed a happy Chuseok with family and loved ones.