Invest
Australian and Korean leaders meet to unlock billions in new trade opportunities
Invest
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul for the 46th Joint Meeting of the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC). The meeting, scheduled from September 15-17, aims to deepen trade relations and unlock billions of dollars in potential trade and investment opportunities between the two nations.
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul for the 46th Joint Meeting of the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC). The meeting, scheduled from September 15-17, aims to deepen trade relations and unlock billions of dollars in potential trade and investment opportunities between the two nations.
Since the signing of the Korea-Australia Free Trade Agreement (KAFTA) in 2014, Korea has emerged as Australia’s third-largest export market and its fourth-largest two-way trading partner. Despite this robust trading relationship, Korean companies have yet to become major investors in Australia, indicating untapped potential across various sectors.
The summit will address key sectors such as energy security, critical minerals, artificial intelligence, and the defence and space industries. These discussions are timely, coming just weeks before the upcoming APEC Summit in Korea, which will see the participation of global leaders, including Australian Prime Minister Anthony Albanese.
Australian Ambassador to Seoul, H.E. Mr Jeff Robinson, who is set to deliver the opening address at the Joint Meeting, emphasized the enduring partnership between the two countries. "The fact that this Joint Meeting has been running for nearly half a century is indicative of the strength and longevity of the trade and investment relationship between Australia and the Republic of Korea," he stated. Robinson highlighted the complementary nature of the two economies and the critical role played by the AKBC and KABC in fostering this growth. "The AKBC and KABC have played an integral role in this growth and will continue to be indispensable as we take new opportunities and address new challenges together, including the energy transition, supply chain resilience and a changing strategic environment," he added.
AKBC Chairman, The Hon. Martin Ferguson AM, pointed out the strategic importance of the trilateral relationship between Japan, Australia, and South Korea. "Whilst Australia must manage its relationship with China and the US more than ever, the potential axis of Japan, Australia and South Korea working together from a trade and geopolitical point of view has never been stronger," Ferguson remarked. He also noted the need for Australia to streamline regulatory processes to attract Korean investment, particularly in areas like critical minerals, defence, and agri-foods. "It's now or never for Australia. Front up to regulatory reform and lay out the red carpet to Korean investment," Ferguson urged.
The meeting's theme, "Forging Strategic Resilience: Enhancing Korea–Australia Industry, Innovation, and Sustainability," underscores the importance of not only economic but also cultural ties. Post-Covid, Korean visitor numbers to Australia have rebounded strongly, and the global popularity of K-culture, including the recent success of the Netflix animation "K-POP Demon Hunters," highlights the cultural exchange between the two nations.
Educational exchanges are another focal point, with Korean students currently ranking as the 14th largest international cohort in Australia. This presents an opportunity for growth in higher education collaborations.
AKBC CEO Liz Griffin highlighted the transformative impact of KAFTA and the potential for future collaboration in emerging industries. "The signing of KAFTA in 2014 supercharged our trading ties and opened the door for many industries to benefit as regulation barriers were removed and deeper bonds were created between businesses," Griffin said. She stressed the importance of the clean energy transition, suggesting that both countries should collaborate on green hydrogen exports and carbon capture agreements. "This Joint Meeting comes at a critical juncture in global trade, and we look forward to deepening our ties further," Griffin concluded.
The event is supported by partners including ANZ, Low Emissions Technology Australia, Pilot Energy, University of Queensland, Arafura Rare Earths, Export Finance Australia, and PLS, reflecting a broad commitment to enhancing bilateral trade and investment relationships. As the meeting unfolds, all eyes will be on the potential agreements and partnerships that could redefine the economic landscape between Australia and Korea.
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