Welcome to the AKBC Business Connect - May Edition
Dear Subscribers,
Tomorrow, Tuesday June 3, Koreans will head to the polls in what is set to be a consequential presidential election. Current projections suggest that Lee Jae-myung, the Democratic Party’s nominee, is the likely winner. His policy platform centres on inclusive growth, green energy, and enhancing Korea’s global economic competitiveness. The outcome of this election will have important implications for Korea’s domestic priorities and international partnerships—including its relationship with Australia. AKBC will closely monitor developments and share insights on what the results may mean for Australian business.
In parallel with this political milestone, we are seeing a deepening of Korea’s cultural and commercial presence in Australia. The month of May marked the official recognition of Koreatown on Healeys Lane, located between Lonsdale and Little Lonsdale Streets in Melbourne’s CBD. This is a significant milestone that acknowledges the contributions of the Korean-Australian community and the increasing influence of Korean culture in Australia’s multicultural society. The newly designated Koreatown will serve as a vibrant hub of Korean food, beauty, and culture. Visitors can also view traditional Jangseung (Korean totem poles) at its entrances—symbols believed to protect communities and ward off misfortune.
The annual Korea Festival also was held in late May, taking place at Federation Square and attracted thousands of visitors who enjoyed K-pop performances, traditional dance, taekwondo demonstrations, Korean food tastings, and K-beauty experiences. These events are more than cultural celebrations—they represent strategic opportunities to elevate Korea’s profile and commercial footprint in Australia. We congratulate the Consulate of the Republic of Korea in Melbourne for its continued leadership and dedication in promoting these initiatives.
Korean culture continues to thrive in Australia. What began with the Korean Wave (Hallyu) has grown into strong consumer trends across sectors such as K-beauty and K-food. Korean beauty products—renowned for quality, innovation, and clean formulations—are capturing growing market share. At the same time, Korean cuisine is becoming increasingly mainstream, with kimchi, gochujang, and other staples now commonly featured on Australian menus.
As Korea’s cultural presence grows, so too does the opportunity to convert this momentum into deeper economic engagement. Cultural familiarity fosters trust—an essential foundation for trade, investment, and collaboration. We encourage our members to consider how these cultural trends may align with your business objectives in the Australia–Korea corridor. And if you are visiting Melbourne, let us know—we would be delighted to take you to Koreatown for a photo with the Jangseungs! 건배!
Kind regards,
Liz Griffin
Chief Executive Officer
Australia-Korea Business Council
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