Welcome to the AKBC Business Connect - July 2026

Dear Subscribers, 

As artificial intelligence continues to dominate headlines, there is no doubt it is and will continue to fundamentally change the way we work, communicate and do business. South Korea's recently announced Three Mega Projects demonstrate an extraordinary national commitment to becoming one of the world's leading AI economies, bringing together artificial intelligence, semiconductors, data centres and advanced manufacturing into a single industrial strategy.

For Australian businesses, this presents significant opportunities. It also raises an important question: in an age where AI can write reports, translate languages and analyse markets in seconds, what remains uniquely human?

The answer, particularly in Korea, is relationships.

Technology can accelerate introductions, provide insights and streamline processes. It cannot however, replace the trust that is built over years of engagement, the understanding developed through countless conversations, or the confidence that comes from knowing your counterpart will deliver on their commitments. Anyone who has worked with Korea knows that while contracts matter, relationships matter more.

This is where Australia has an opportunity.

As Korea builds the industries of the future, Australia's role should evolve beyond supplying the resources that have underpinned our partnership for decades. The next chapter should see Australian organisations contributing expertise across AI, critical minerals, energy, research, digital infrastructure and advanced manufacturing. But participating in these opportunities will require more than technical capability. It will require trusted partnerships.

That is precisely where the Australia-Korea Business Council continues to add value. Our role is not simply to connect businesses. It is to help members build the long- term relationships that enable commercial opportunities to emerge.

Alongside supporting members, advocacy remains one of AKBC's core priorities. We continue to champion policy settings that strengthen Australia's economic relationship with Korea and improve the environment for bilateral trade and investment.

Our current advocacy work focuses on four key priorities:

• Australia–Korea Bilateral Air Services Agreement: supporting increased aviation capacity to meet growing business and tourism demand between our two countries.
• Australia's Future Gas Strategy: ensuring policy settings continue to support investment confidence and recognise Australia's role in Korea's long term energy security.
• Korean language capability: advocating for Korea to be listed as a "priority language" in the House of Representatives Standing Committee on Education's recent Asia capability report.
• Carbon Capture and Storage (CCS): progressing the bilateral legal framework required to enable cross border carbon dioxide transport and storage, creating new opportunities for emissions reduction and investment.

This month has also highlighted why practical trade advocacy matters. Australia triggered South Korea's beef safeguard mechanism earlier than ever before, resulting in tariffs on Australian beef increasing from 5.3 per cent to 24 per cent for the remainder of the quota period. While this mechanism exists under the Korea Australia Free Trade Agreement and tariffs will continue their scheduled reduction over coming years, the record early trigger reflects the strength of Korean demand for Australian beef and serves as a timely reminder that market access issues require constant attention. Trade agreements are not static documents; they require ongoing engagement between government and industry to ensure they continue to deliver for Australian exporters.

Looking ahead, many of these themes will feature during the 47th AKBC–KABC Joint Meeting in Adelaide on 1–2 September, where senior business and government leaders from both countries will come together to discuss the next chapter of the Australia–Korea economic relationship. As Korea accelerates its AI ambitions and Australia seeks to deepen its engagement with one of our most important strategic partners, I believe one thing will remain constant: technology will continue to evolve, but relationships will continue to drive business.

I look forward to seeing many of you in Adelaide.