China and South Korea visit strengthens trade opportunities
14 April 2016
Today I arrived in Shanghai for Australia Week in China 2016 (AWIC), to promote trade and investment opportunities in Australia’s resources and energy sectors with our largest trading partner.
With over 1,000 delegates, this year’s event is expected to be Australia’s largest-ever trade mission to China and will focus on a diverse range of industries including agribusiness, financial services, innovation and international education. The conference is also a time to highlight the benefits of the China-Australia Free Trade Agreement, which took effect in December last year.
With a staggering $150 billion of two-way trade, $57 billion of which is in minerals and fuels, China and Australia enjoy a strong bilateral relationship which will be further enhanced through this engaging forum.
The relationship between Australia and China is indispensable to the success of our resources and energy sectors, with China being the largest export market for our iron ore, metallurgical coal, gold and copper and second largest market for our thermal coal and LNG. In LNG alone, we will provide 45 per cent of China’s import needs by 2021.
As part of the AWIC program, I will attend a lunch with the Prime Minister and a number of my ministerial colleagues with 2,000 leading Chinese and Australian government and business leaders specifically to promote investment opportunities in Australia. I will also deliver an address to the Australia-China Chamber of Commerce, where I will discuss our strong economic relationship and opportunities for increased engagement and investment.
I will then travel to South Korea where I will visit the Samsung Heavy Industries ship yards to meet with senior officials and to inspect new offshore gas processing facilities destined for Australia. These include Shell’s floating LNG facility, which will be located off the coast of Western Australia and will be the largest such facility in the world, and Inpex’s Central Processing Facility for the Ichthys project in the Northern Territory.
I look forward to this opportunity to showcase the Australian resources and energy sectors and to promote further investment in our country.
Media contact: Mr Frydenberg's office 02 6277 7180
Department media: media [at] industry.gov.au