AKBC E-NEWSLETTER JUNE & JULY
Australia-Korea Business Council
A national body enhancing the Australia-Korea bilateral trade and investment relationship.
AKBC - E-NEWSLETTER JUNE & JULY
The Time is Now
The Time is Now
In recent months, the strategic importance of the Australia-Korea bilateral relationship has become unmistakably clear. Our recent AKBC delegations to both Canberra and Korea highlight the potential for our two like-minded nations to deepen ties as leaders in the global energy transition.
This sentiment is reinforced by the increased frequency of ministerial visits in both directions. Currently, Foreign Affairs Minister Penny Wong is visiting Korea, a move that underscores the heightened commitment at the ministerial level to strengthen and broaden our bilateral relations.
Our partnership is evolving beyond traditional domains such as iron ore and LNG, embracing future fuels like hydrogen and lithium, as well as rare earths essential for high-tech industries. This forward-looking agenda is critical as both countries navigate a global landscape marked by rapid geopolitical shifts, technological advancements, and an expanding defence and security partnership.
With burgeoning trade and investment opportunities, our defence and security ties are also strengthening. This is highlighted by Korea's interest in potentially joining AUKUS Pillar Two and the participation of two Korean firms in the competition to build general-purpose frigates for Australia under the SEA 3000 program. These initiatives reflect our shared commitment to regional security and technological cooperation.
As our strategic interests increasingly align, advocating for both nations to join an expanded G7, transitioning it to G9, becomes the next logical step. This expansion would significantly enhance our influence on global economic policies and reinforce our commitment to multilateral economic stability.
We eagerly anticipate continuing the dynamic conversations initiated in Canberra and Korea at the upcoming 45th AKBC-KABC Joint Meeting in Perth from 1-3 September. The participation of two Australian Ministers, a Korean Minister, and Premier Roger Cook strongly underscores the recognition of this relationship's growth potential by both governments. We will also celebrate the 10th anniversary of the Korea-Australia Free Trade Agreement. With sessions for both members and non-members, the Joint Meeting will serve as a vital platform for key figures within the bilateral relationship to come together to advance our collaborative efforts and establish strategic directions for the future. We look forward to seeing you in Perth.
Sincerely,?
?
Liz Griffin
CEO
Australia-Korea Business Council
The 45th AKBC-KABC Joint Meeting
Date: Sunday?1 September - Tuesday 3 September
Location:?Crown Perth,?Great Eastern Hwy, Burswood, WA 6100
The Australia-Korea Business Council will be hosting our annual flagship event, the Joint Meeting between the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC) in Perth, Western Australia on 1-3 September 2024. This meeting will address the most recent advancements in the bilateral relationship between Australia and Korea.?
This year, the theme is?"Navigating global shifts: Korea, Australia and the future."?It will explore the dynamic interplay between our two countries against the backdrop of a rapidly changing geopolitical landscape. The agenda will delve into the strategic alliances, economic synergies, and cultural exchanges that define the relationship between Korea and Australia. It will also examine how both our countries are adapting to geopolitical shifts, technological advancements, and decarbonisation challenges to shape our shared future.
This event is widely regarded by senior decision-makers and key influencers from industry, government and academia involved in Australia-Korea business as the one event in the year not to be missed.
Registration (for AKBC members)
AKBC members can attend elements of the Joint Meeting program across Sunday 1 September to Tuesday 3 September.?
Registration (for non-AKBC members)
Non-members can attend the Gala Dinner on Monday 2 September.
Interested in partnership opportunities??Reach out to [email protected]?
The new financial year has started. Please ensure that your membership is renewed for this financial year.
For help on how to renew on Glue Up, please click below.
NSW Critical Minerals Investment Webinar
Date:?Friday 23 August
10.00AM – 11.15AM KST (11.00AM – 12.15 pm AEST)
Location:?Online
The New South Wales (NSW) Government is hosting a special online webinar promoting investment opportunities in NSW critical minerals and high-tech metal resources.?
This free, one-hour webinar will feature presentations from industry leaders including Sunrise Energy Metals, Australian Strategic Materials, Cobalt Blue Holding, and Godolphin Resources. Learn about NSW’s strong resources sector, abundant mineral endowment, and significant potential for high-tech metals.
Chairman's Delegation to Korea 2024
From 1 to 3 July?2024, the AKBC led a delegation of 7 companies to Korea?to meet with senior government officials and business executives to discuss the economic and strategic importance of the Australia-Korea relationship.
Over the three days, we had meetings, site visits and attended events including:
· Meeting with the CEO of POSCO Group Chang In-wha
·?Meeting with H.E. Jeff Robinson, the Australian Ambassador to the Republic of Korea
·?Briefing on Korea's energy transition by Shin & Kim
·?Meeting with the Export-Import Bank of Korea (KEXIM) to discuss Supply Chain Resilience Fund?
·?Meeting with KREDO Holdings
·?Meeting with Korea Batteries Industry Association
·?Briefing on Korea's Geopolitics by KB Securities
·?Site visit to POSCO Steelworks in Gwangyang and the POSCO-Pilbara Lithium Solution
· The Korea-Australia Global Value Chain Event at the FKI
·?Networking dinner with AustCham Korea
Interested in attending an event like this? Become an AKBC member to access a full annual calendar of strategic and educational events. To find out more email ?? [email protected].
Australia-Korea Business Council Canberra Day 2024
On 24 and 25 June 2024, AKBC led a delegation of 16 companies to the nation's capital to meet with senior government officials to discuss the economic and strategic importance of the Australia-Korea relationship.
Over the two days, we had 10 meetings, including with:
·????Hon Richard Marles MP, Deputy Prime Minister, Minister for Defence
·???Senator the Hon Don Farrell, Minister for Trade and Tourism, Special Minister of State
·???Hon Madeline King MP, Minister for Northern Australia, Minister for Resources
·???Senator Susan McDonald, Shadow Minister for Resources, Shadow Minister for Northern Australia
·???Hon Angus Taylor MP, Federal Member for Hume, Opposition Treasurer
·???Senator the Hon Simon Birmingham, Shadow Minister for Foreign Affairs, Leader of the Opposition in the Senate, Senator for South Australia
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AKBC also held a number of briefings to help our delegation better understand latest policy insights and Canberra insights, with briefings on critical minerals, Australian federal government landscape and industrial relations.??
Interested in attending an event like this? Become an AKBC member to access a full annual calendar of strategic and educational events. To find out more email ?? [email protected].
Fundamentals of Doing Business in Korea - Global Victoria
AKBC in partnership with Global Victoria delivered a Korean market briefing and cultural capability seminar on Thursday 20 June focused on the defence industry.?
This training session was dedicated to help Victorian exporters expand into the Korean market.?
AKBC regularly delivers training sessions to AKBC members and stakeholders to help Australian enter and succeed in the Korean market. Meticulously designed, these sessions are delivered by professionals with several decades of experience working and living in Korea, and are aimed to deliver insights into the industry dynamics, latest political updates and business practices to ensure that executives are thoroughly prepared with the knowledge necessary to navigate the complexities of the Korean business landscape.
If you have a delegation to Korea soon, contact us at?[email protected]?to learn more about these bespoke briefings, and to ensure your executives are positioned to maximise their strategic objectives and achieve positive outcomes during their time in Korea.
5th Australia-Korea New Energy Forum
AKBC, in partnership with the Korean Embassy in Australia, the Korean Ministry of Environment and the Australian Hydrogen Council hosted the 5th New Energy Forum in Melbourne on Monday 8 July.
The pressing need to accelerate the transition to renewable energy and the opportunities for Korean and Australian businesses in green hydrogen were key themes at the Australian-Korea New Energy Forum.
The forum was well attended with over 180 attendees from government officials and various major industries including a South Korean delegation from the Ministry of Environment. Feedback from the event has been overwhelmingly positive with attendees valuing the opportunity to hear from government and industry representatives, and to network with the delegation from Korea.
Welcome morning tea at the Monash University
On 16 July, the AKBC attended the welcome morning tea hosted by Monash University. The initiative, funded by the Australia Korea Foundation aims to deepen the joint response to gender equality and the prevention of violence against women by promoting discussions, enhancing institutional links and creating evidence-based outcomes between Australia and South Korea.
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Word of the Month: ? PON
Origin from the English word 'phone'. But in Korea, it loses the 'ph' sound.?
? ? ?? ????. Jeo pon bo-go iteoteoyo.
I was looking at my phone.
What's been making the news
Our AKBC members are given access to regular events, boardroom briefings, and the opportunity to create and foster bilateral relationships with Korea.
We provide our members with the opportunity to establish a valuable connection with our network within Korea, promoting two-way trade and investment.
We assist you with a Korean market engagement strategy, providing cultural training, reports, and preliminary analysis, positioning your business to take informed steps to maximise commercial success?within Korea.
About the AKBC
Chaired by Hon Martin Ferguson AM and led by an Executive Committee of outstanding industry and government leaders, the Australia-Korea Business Council is a member-based organisation of senior executives from a diverse range of business sectors with a commercial interest in Korea. AKBC is a proactive, results-driven organisation supporting the commercial success of Australian businesses in the Korean market and Korean businesses in the Australian market.
If you have any questions or would like to know more, please contact the Australia-Korea Business Council at?[email protected].