Ambassadors, government officials and business leaders will meet in Seoul this week as part of a pitch for South Korean investment in Australia’s critical and emerging industries, including artificial intelligence.
Despite strong trade ties and a near 50-year relationship between the nations’ business councils, South Korea’s investment in Australia is relatively low.
The talks will also include innovation links and the opportunity to educate more Korean students in Australia, with Korea currently just the 14th largest international cohort studying in Australia.
The meetings are part of the 46th Joint Meeting between the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC), and are supported by Austrade, Export Finance Australia and several private sector partners.
It comes less than two months before the APEC Summit in Korea involving Asia Pacific leaders including Prime Minister Anthony Albanese.
The three-day talks are expected to focus on Australian investment opportunities for Korea, with energy security, critical minerals, artificial intelligence and the defence and space industries all on the agenda.
Australia and Korea signed a free trade agreement 11 years ago and Korea remains Australia’s third largest export market and its fourth biggest two-way trading partner. But Korea is is not in the top ten investors in Australia.
“We have naturally complementary economies, but without the hard work and deep relationships between the business communities in both countries, Korea would not have grown to become Australia’s fourth largest trading partner,” Australian Ambassador to Seoul, Jeff Robinson said.
AKBC chairman and former Resources and Energy minister in the Rudd and Gillard governments Martin Ferguson said Korea and Japan offer opportunities for Australia to diversify its trade and geopolitical partnerships.
He said critical minerals, defence and agri-foods loom as some of the biggest inbound investment opportunities for Australia.
“The issue is whether Australia is equal to the task,” Mr Freeman said. “The recent productivity roundtables must be used to streamline approvals and make it easier for Korea to invest here because capital is foot loose.
“It’s now or never for Australia. Front up to regulatory reform and lay out the red carpet to Korean investment.”
AKBC chief executive Liz Griffin said the clean energy transition also opens up opportunities in sectors like exporting green hydrogen to Korea and carbon capture agreements.
“This Joint Meeting comes at a critical juncture in global trade, and we look forward to deepening our ties further,” she said.
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