Australia welcomed its first business delegation from the Republic of Korea since international borders opened. Representatives from both nations are meeting in Sydney today to discuss partnering on clean energy technology, the hydrogen economy and critical minerals.
Both governments agreed to invest up to $100 million towards initiatives under a Low and Zero Emissions Technology Partnership in December 2021.
Reducing emissions while growing economies
The agreement recognises the shared commitment between Australia and Korea to reduce emissions while growing economies. It builds on partnerships already entered into with Germany, Singapore, Japan and the United Kingdom.
Korea’s delegation has senior executive representatives from the Korean Ministry for Trade, Industry and Energy. It also includes leading corporations such as Hyundai and Samsung.
The CEO of the Australian Trade and Investment Commission (Austrade) Xavier Simonet said Austrade was providing significant support to strengthen commercial engagement and investment between Australian and Korean businesses.
‘Senior Australian business representatives will attend and participate in the roundtable. We expect over 90 attendees including 50 Korean government officials and corporates as part of the delegation,’ Mr Simonet says.
‘The delegation will be seeking to identify opportunities with Australian firms to collaborate and invest in low emissions technology and hydrogen related projects and research.’
Today’s forum will be hosted by Korean Ministry for Trade, Industry and Energy Vice-Minister Kiyoung Park. Austrade is helping drive commercial engagement in the clean energy sector between Australian and Korean businesses.
Korean demand for Australian resources and energy
The forum is an important opportunity to progress outcomes of Korean President Moon’s December visit to Australia, where the agreement was signed with Prime Minister Scott Morrison.
Korea is the third largest market for Australian resources and energy exports after China and Japan, worth $23 billion in 2020–21.
Key commodities include iron ore, metallurgical and thermal coal and LNG, with aluminium and copper exports also significant.
