The Australia-Korea Business Council hosted representatives from the Federation of Korean Industries at the 47th Korea-Australia Joint Business Council meeting at Adelaide Oval in Australia earlier this month.
Delegates from both sides issued a joint statement for stronger cooperation of the advanced industries beyond traditional trade and resources. They also called for the development of a clean energy ecosystem and improvement of the critical minerals supply chain.
Australia-Korea Business Council (AKBC) chair, the Honourable Martin Ferguson AM, said: “There is no better recent demonstration of the strengthened partnership between the two countries than during this year’s global fuel crisis, with both countries in April agreeing to strengthen cooperation to ensure stable supplies of diesel and other energy resources amid ongoing global supply disruptions linked to the Middle East crisis.
“Strengthening our countries’ business links through critical areas like energy security opens up other opportunities for collaboration and partnerships between like-minded Australian and Korean businesses.
“These partnerships are now extending to emerging industries, with our combined interest in artificial intelligence and the resources required to grow this sector among the key topics of interest, along with our growing space industries.”
Australian Foreign Minister Penny Wong said: “Australia and Korea are comprehensive strategic partners, with a long and trusted economic and resource partnership grounded in a shared commitment to open markets and rules-based trade.
“The joint business council meeting plays a crucial role in this cooperation. For nearly five decades, it has brought together leaders who understand that the Australia–Korea relationship is not just about trade volumes, but about building shared capability and shared confidence.
“This year’s meeting continues that tradition, strengthening the ties that make both our economies more competitive, more innovative and more resilient.”
South Australian State Development Minister Chris Picton said: “South Australia’s relationship with South Korea is important for our long-term trade and investment goals. It is built upon shared strategic interests, complementary economies and strong connections.
“It is fitting that this significant event has come to Adelaide this year, given we share similar strengths, and there is strong business collaboration between us in green energy transition, mining, housing and construction. I look forward to continuing to build on the economic and trade ties between our two countries.”
AKBC CEO Liz Griffin said: “Meeting highlights will include Australian Space Agency head Enrico Palermo, who will outline to the meeting how Korea is now a priority partner, focusing on infrastructure manufacturing supply chains and integrating critical technologies. Meanwhile Santos executive vice president Sean Pitt will highlight how its Barossa project is the first greenfield project in which a Korean company has invested from the outset.
“Other companies like DCI Data Centers are capitalising on the AI revolution through Korean partnerships to build data centres. Australia has the world’s largest known reserves of lithium and is a significant producer of nickel, cobalt, rare earths and graphite. Korea is home to three of the world’s top five battery manufacturers and one of the world’s leading manufacturers of semiconductors, and they need these critical minerals for production. So AI presents an exciting economic opportunity for both countries.”
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