05 Nov NSW and Korea: 40 Years of Enriching Lives By the Government of New South Wales
Businesses in Korea can build everything from semiconductors and microchips to fighter jets and passenger trains. Korean engineering firms have built the world’s tallest buildings, its writers have won the Man Booker International Prize, and its entrepreneurs developed a world-leading messaging platform that is used by over 43 million monthly users. Korea has a truly diversified economy.
NSW is home to the largest Korean business and cultural communities in Australia, benefiting from the Korean economy’s diversification over the last 40 years. Samsung is the official partner of Australia’s most iconic landmark – the Sydney Opera House; Hyundai is building the next generation of intercity fleet trains connecting regional NSW to the Central Business Districts; our ministers and judges are driven around in Genesis’ G80 on official business; Sparklabs is the NSW Government’s corporate partner to accelerate the agricultural technology ecosystem; and Bong Joon-Ho’s Palme D’Or-winning ‘Parasite’ was awarded the Sydney Film Festival Prize this year. The Korean brand is becoming an integral part of our daily routine and consumption.
Our complementary bilateral trade and investment relationship is also underpinned by the important contributions NSW businesses make to the Korean people and economy. Of note is Sydney-headquartered Macquarie Group’s participation in the Korean Government’s national priority infrastructure projects such as the Busan New Port redevelopment. NSW-bred international medical technology companies such as ResMed, Cochlear and Novotech continue to partner with local hospitals and practitioners in Korea to improve the wellbeing of the Korean people.
Strong people-to-people links across government, business and community networks in NSW and Korea provide a sound foundation for the advancement of this complementary economic partnership for the next 40 years and more. There are plenty of similar projects taking place in both markets to share knowledge and encourage collaboration.
Both governments are undertaking significant smart cities projects – Sejong and Busan in Korea, and Western Sydney Aerotropolis in NSW. The land mass, demography, and connectivity needs differ but the public commitment to deliver world-class smart cities in the face of the Fourth Industrial Revolution remains the same across both markets.
A strong commitment to innovation is another common factor. The Korean Government and business community continue to direct around 3 per cent of the national GDP to research and development activities. Similarly, the NSW Government is committed to establishing the Sydney Innovation and Technology Precinct which will lead Australia’s research activities in artificial intelligence, robotics, the Internet of Things and other related deep tech developments to secure jobs for the future.
NSW respects Korea’s forward-looking innovation capabilities and we see a valuable place for Korea in NSW’s future as we deliver on the demands of our growing population and economy.