Building stronger trade with Japan and Korea

NT Government

As the world’s energy and climate landscape rapidly evolves, the Northern Territory is working to grow more opportunities for trade and to strengthen international relationships for these critical areas.

This week, Deputy Chief Minister, Nicole Manison will visit Japan and South Korea to attract investment into the Northern Territory’s critical minerals and energy sectors.

Japan is already the Territory’s largest trading partner, and South Korea the fourth, but there are significant opportunities to expand existing trade relationships and bring new major investment into the Northern Territory from these countries.

Both have been identified by industry as a source for more investment into these sectors.

It is expected that businesses and financiers with interests in gas, hydrogen, renewables and critical minerals will be engaged, with a heavy focus on carbon capture, utilisation and storage, decarbonisation and emerging technologies.

This includes Japan’s INPEX, Bank for International Cooperation, Energy and Minerals National Corporation and GE, and South Korea’s Posco Future M and Hyundai. Industry leaders will join the Deputy Chief Minister at specially arranged Australian Embassy-hosted events in both Tokyo and Seoul.

The delegation follows the inaugural 2023 Darwin Dialogue where key industry figures from Australia, Japan and the United States met in Darwin to progress critical mineral production across northern Australia.

The demand for critical minerals is expected to keep growing to support renewable energy, battery storage and high-technology industries.

With responsibility for a number of key portfolios that deliver significant economic stimulus for the Northern Territory, the Deputy Chief Minister will also take the opportunity to host a focused tourism event in Tokyo.

There, the Japanese tourism industry will be briefed on the range of breathtaking new experiences on offer, with a strong focus on Central Australia to be highlighted.

With the second day of the official delegation falling on Anzac Day, the Deputy Chief Minister will attend a morning service at the Hodogaya Commonwealth War Cemetery in Yokohama and lay a wreath in honour of the 330 Australian servicemen at rest.

Quotes attributable to Deputy Chief Minister, Nicole Manison:

“The Northern Territory has the resource potential to be a major player when it comes to the global supply chain of critical minerals required for new and renewable energy technologies.

“Japan is already our biggest trade partner and there is real potential to grow the opportunities in Japan even further, while Korea is a rapidly growing economy and we want to drive more trade growth with them, making sure they understand the opportunities to invest in the Northern Territory.

“We are committed to growing the economy to $40 billion by 2030 by promoting the Territory’s natural advantages, investment opportunities and bringing new business to the Territory with our key trading partners.

“There is an opportunity to reach new markets by aligning global demand with the Territory’s offerings in the critical minerals and renewable energy sectors, but I’m also there to ensure that we bring Japanese tourists back to the Territory by their thousands.

“It will be a privilege to honour the Australian and New Zealand service personnel who are laid to rest at Yokohama.”

Northern Territory Government

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