Statement on the AKBC-KABC Joint Meeting

Acting President, Australia and Korea are comprehensive strategic partners in a rapidly shifting geopolitical environment.

Our countries have longstanding people-to-people links that have enriched Australian culture for generations.

From Korean cuisine and film to the global phenomenon of K-Pop, these cultural ties continue to strengthen the bonds between our people.

And when geopolitical uncertainty strikes, as it did with the shutdown of the Strait of Hormuz, it was trusted partners like Korea that came to Australia’s aid to secure critical supply chains.

As our partnership continues to evolve, there is much to gain from closer collaboration between our two countries.

Last week, I was pleased to represent the Albanese Government, alongside Senate colleagues, Senator Wong and Senator Farrell at the Australia-Korea Business Council and Korea-Australia Business Council Annual Meeting in Adelaide.

I want to acknowledge AKBC Chair, the Hon, Martin Ferguson, as well as the KABC Chair, Dr Chang In-Hwa for facilitating such invaluable conversations with Australian and Korean businesses over the two-day meeting.

Of course, it would be remiss not to also mention, the significant role of Dr Chang as POSCO Chair and CEO.

POSCO represents Australia’s largest single export customer and is a significant investor in Australia’s resources sector.

POSCO’s partnerships with Australian industry have been instrumental in securing new critical minerals opportunities in Australia such as Pilbara Lithium Solutions’ Pilgangoora operation and Arafura Rare Earth’s Nolans project.

These projects are important examples of what our Albanese Labor Government is seeking to achieve as part of our Future Made in Australia agenda.

And attracting foreign investment and partners like POSCO is essential to realising these ambitions.

Together, I’m confident that we can continue to build on the strong foundations of our relationship and realise the full potential of the Australia-Korea partnership in the decades ahead.