Dear Subscriber,
Uncertainty (불확실성).
The last week in both Korea and Australia has been marked by major political developments. With the election in Australia called for May 3, Korea could also be heading to the polls at a similar time, with political turmoil continuing in Korea over the December martial law order. While we wait for President Yoon's impeachment verdict by the Constitutional Court, last week in Korea, two other significant court decisions were handed down, affecting both major parties.
First, the Constitutional Court ruled against the impeachment of Prime Minister Han Duck-soo, reinstating him as Acting President of South Korea. While this decision and Prime Minister Han's return to office marks a critical turning point, with President Yoon's fate still undecided, the nation's political uncertainty is still far from over.
Second, the opposition Democratic Party of Korea's Lee Jae-myung High Court ruling also came out last week, where he was found not guilty, overturning a ruling by a lower court. Lee Jae-myung had previously been found guilty of making false statements during his 2022 presidential campaign. South Korean prosecutors have appealed the High Court ruling and now the case sits with the Supreme Court.
This is significant as Lee Jae-myung is the favoured candidate for the next Korean President, and if the Constitutional Court decide to impeach President Yoon, this will trigger an early Presidential election, potentially paving the way for Lee Jae-myung to run as a Presidential candidate. If Lee Jae-myung is found guilty, he will not be eligible to run as a contender in the next presidential election. Timing here is therefore critical - if President Yoon is impeached, then the election must be held within 60 days, and the Supreme Court by law has three months to rule, which may be too late if the election has already been held.
Both parties in Korea are calling for the Constitutional Court to quickly announce the date of President Yoon's verdict as the vacancy of the Presidential position only prolongs uncertainty. With two Constitutional Court judges set to retire on April 18, it is likely that Constitutional Court will hand down its decision before then.
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We are excited to continue to share updates to our event calendar for 2025, featuring our signature events that have been a staple of the Australia-Korea business community for many years.
Stay tuned for further updates and we look forward to seeing you at our events. |
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| KOREAN FOOD REGULATION UPDATES |
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In February 2025, the Ministry of Food and Drug Safety (MFDS) introduced several regulatory updates in South Korea. A draft amendment to the Automated Import Declaration Processing Regulations for Imported Foods was announced to strengthen the system's oversight and ensure its proper operation. The revision clarifies the responsibilities of the Food Safety Information Service, which is tasked with verifying the effectiveness of automated import declarations. It also introduces stricter monitoring measures, requiring regular or ad-hoc reporting on system performance. Additionally, repeat offenders who repeatedly submit incorrect import declarations may face direct inspections by regulatory officials to enhance compliance.
The Guidelines for the Safety Assessment of Genetically Modified Foods were updated to assist industry in understanding and meeting safety assessment data requirements, providing clearer explanations of regulatory expectations.
Lastly, MFDS released the Food Code Microbial Test Method Guide, offering detailed procedural explanations and QR-linked video tutorials to support industry compliance with microbial testing standards. These revisions reflect ongoing efforts to enhance food safety management, regulatory clarity, and industry compliance. |
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| AUSTRALIA SPEAKS: UPDATES FROM STATES AND TERRITORIES |
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| Gyeongsangnam-do Province, the heart of South Korea's defence industry, is pleased to invite you to an exclusive <Defence Industry Road Show and Networking Dinner>.
This event will showcase cutting-edge technologies and innovations from leading defence companies and university in Gyeongsangnam-do, offering you a valuable opportunity for collaboration and business engagement. Grateful if you can join us for these insightful presentations, networking, and discussions on potential partnerships with key defence industry partners from Gyeongsangnam-do. For any inquiries, please contact Mr. Kyoungcheol Choi (kcchoi@gntp.or.kr).
Venue : Miro Room, AC Hotel Melbourne South Bank Date: 28 April 2025 Time : 3:30 PM to 8:30 PM Dress code: Business casual Please note that once you have submitted an EOI, your registration will be reviewed, and you will be notified as soon as possible whether your registration is accepted. |
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| CATCH AKBC CEO LIZ GRIFFIN IN 2025: WHERE TO SEE HER NEXT! |
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AKBC CEO Liz Griffin will be speaking at this event so if you are looking at attending and would like to meet Liz, please let us know by emailing info@akbc.com.au. |
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Australia-Korea Foundation Grant 2024-2025 We are pleased to announce that we have been selected as one of 22 recipients to receive the Australia-Korea Foundation (AKF) 2024-2025 grant. As part of this grant, we are excited to present the event series 'Women In Lead-Her-Ship,' featuring two events: one in Australia and one in South Korea (held in conjunction with the 46th KABC-AKBC Joint Meeting). Australia-Korea Foundation Grant 2025-2026 round The AKF Grant for 2025-2026 round has opened and is closing on 30 April 2025. The AKF provides grants to organisations and individuals to deliver projects that strengthen the Australia-Korea relationship in ways that enhance mutual understanding and people-to-people links. |
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We are pleased to introduce the Industry Experts Panel —a newly established advisory group designed to provide specialist knowledge and strategic guidance to the Board and Industry Groups of the Australia-Korea Business Council (AKBC).
Comprising leading experts across key sectors, the panel will support AKBC’s mission to enhance bilateral trade, investment, and mutual understanding between Australia and Korea. By offering industry insights and policy recommendations, the panel will play a crucial role in strengthening commercial ties and identifying emerging opportunities for our members. |
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Victoria-Korea Business Networking Dinner On Thursday 13 March, the Australia-Korea Business Council co-hosted the 2025 Victoria-Korea Business Networking Dinner with the Consulate of the Republic of Korea in Melbourne. This exclusive event brought together Victorian business leaders and Korean stakeholders to connect and foster valuable relationships. We thank our members, including Hanwha Defence Australia, ANCA, Samsung C&T, GS E&C, New Electric Partners, and the Victorian Government, for their participation and support.
The dinner featured insightful speeches from Hon. Martin Ferguson AM, Mr. Changhoon Yi, Bill Patterson PSM, Liz Griffin, and Kate Gahye Kim, highlighting the strong commitment to strengthening economic ties between Australia and Korea. We look forward to continuing to build on this momentum in future events. |
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AKBC Board Meeting On Friday 14 March, the AKBC Board held a Strategy Day, led by our Chair Hon Martin Ferguson AM. The Board engaged in in-depth discussions on the key priorities shaping the future of the Australia-Korea Business Council. The Board turned its attention to accelerating our strategic direction, with a strong emphasis on delivering more quality services to our members, deepening Australia-Korea business ties. A central theme throughout the day was ensuring our membership offerings continue to deliver meaningful value and impactful engagement.
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AKBC Women's Breakfast with Empower Women for Australia and Korea On Monday 17 March, the Australia-Korea Business Council hosted the Women's Breakfast in Melbourne, partnering with Empower Women for Australia and Korea (EWAK). This event brought together EWAK delegates from Korea and prominent female representatives from Melbourne-based AKBC member companies to foster connections and explore ways to strengthen economic and business relations between Australia and Korea.
Through networking and roundtable discussions, attendees focused on women's leadership, cross-cultural collaboration, and strategies for supporting women in the workforce. Key statistics highlighted the challenges faced by women in leadership, including the low percentage of female C-level executives in Korea and Australia. We thank the EWAK delegation and all attendees for their participation and insights. The event underscored the importance of creating environments that support women's career advancement. |
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Energy Industry Group Meeting On Tuesday 25 March, we hosted a Energy Industry Group Meeting virtually.
The meeting started with the welcoming remarks by Brad Lingo, Chairman of Pilot Energy and the Co-Chair of AKBC Energy Industry Group, and a briefing on the current political situation in Korea and upcoming AKBC events from Jenny Kang, our Head of Industry Groups. We also had two guest speakers join us for an overview of K-SURE's financing programs and the key findings from the Australian Nuclear Energy Delegation to Korea in January 2025.
We also heard project updates from industry group members including: Ark Energy, KOGAS Prelude, KPMG, InCapture, Pilot Energy, POSCO Australia, PRISM Energy International Australia (formerly SK E&S), Progressive Green Solutions (PGS), WGEH (Western Green Energy Hub), and Woodside Energy. |
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| 시너지 (sin-eo-ji), means "synergy". 이 협업을 통해 저희의 시너지를 극대화할 것입니다. Through this collaboration, we will maximise our synergy. |
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| WHAT HAS BEEN MAKING THE NEWS? |
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As an AKBC member, you’ll gain exclusive access to high-level events, insightful boardroom briefings, and unique opportunities to build and strengthen key bilateral relationships with Korea.
We provide our members with the opportunity to establish a valuable connection with our network within Korea, promoting two-way trade and investment.
With tailored support for your Korean market strategy, we offer cultural training, in-depth reports, and expert analysis, empowering your business to make informed decisions and unlock its full potential for success in Korea. |
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Chaired by Hon Martin Ferguson AM and led by an Executive Committee of outstanding industry and government leaders, the Australia-Korea Business Council is a member-based organisation of senior executives from a diverse range of business sectors with a commercial interest in Korea. AKBC is a proactive, results-driven organisation supporting the commercial success of Australian businesses in the Korean market and Korean businesses in the Australian market. If you have any questions or would like to know more, please contact the Australia-Korea Business Council at info@akbc.com.au or follow us on social media. |
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