AKBC - E-NEWSLETTER FEBRUARY
Dear AKBC Members,
Welcome to the February edition of the AKBC e-newsletter, where we share the latest developments and updates on the Australia-Korea bilateral relationship. First we spotlight the defence sector. South Korea is making significant strides in the global defence industry, a sector President Yoon Suk Yeol has branded as "K-Defense." Amidst the vibrant legacy of K-pop and K-drama, South Korea is now leveraging its technological prowess and industrial capacity to carve a niche in the defence sector, with a goal to increase its volume of exports to move from the world's ninth-largest arms exporter to the fourth-largest exporter by 2027. Over the last few years, South Korea’s defence companies have raised their global profiles with the signing of landmark deals, including Hanwha Defence’s success in Australia. Amid this backdrop, Australia's recently announced decision to expand its naval fleet from 11 to 26 surface combatants by the mid-2040s presents another opportunity for Australia-Korea defence collaboration. Australian Defence Minister Richard Marles announced that Australia will build a fleet of "Tier 2" warships, alongside a smaller number of "Tier 1" combatants, with South Korea listed as a potential country where the first three vessels will be built, showcasing the strength and reliability of Korea's shipbuilding industry. The engagement with South Korea for potential construction aligns with the broader strategic dialogues and defence cooperation between Australia and South Korea, reinforcing the importance of our bilateral relationship in enhancing collective security and defence capabilities. |
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Webinar on Korea's Higher Education Reform Glocal Universities Initiative The Ministry of Education in Korea has granted local governments the authority to actively support and invest strategically in local higher education institutions. In line with this, a webinar has been organized to inform Australian higher education institutions about the transformative policies and innovative initiatives that Korea is implementing, with a focus on the "Glocal Universities" initiative.
Date: Tuesday 19 March 2024 Time: 1:00PM - 2:00PM (AEDT) Venue: Online Speakers: Dr. Wooseung Kim, Vice Chairman at The Glocal University Committee Prof. Kent Anderson, Deputy Vice-Chancellor Global Office of the DVC Global Engagement & Partnerships at The University of Newcastle Prof. Chung-Hwan (Steve) Jeon, Dean, PNU Department of Mechanical Engineering at the Pusan National University |
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The 45th AKBC-KABC Joint Meeting The AKBC-KABC Joint Meeting is our annual flagship event, attracting senior business executives from Australia and Korea and provides a forum for robust discussion and knowledge sharing. Building on the success of the 44th KABC-AKBC Joint Meeting held in South Korea last year, the 45th Joint Meeting in Perth promises to provide our members with key opportunities to deepen their understanding of the latest trends in the Australia-Korea relationship and establish new partnerships.
Date: 1-3 September 2024 Venue: Perth, Western Australia
Registrations qnd further details will be made available closer to the event date. To find out about sponsorship opportunities, reach out to info@akbc.com.au
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Smart Farm Trade Networking Breakfast by UQ Research Partnerships and GreenPlus
Date: Tuesday 8 March 2024 Time: 9:00AM - 12:00PM (KST) Venue: InterContinental Seoul COEX (524 Bongeunsa-ro Gangnam-gu, Seoul 06164) |
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Meeting with the AKBC and POSCO
This month, the AKBC Chairman Hon Martin Ferguson AM met with the Korea-Australia Business Council and POSCO Group Chairman Choi Jeong-woo in Sydney. The two met to discuss the opportunities in the Australia-Korea bilateral relationship and agreed that Australia and Korea share a complementary relationship built on shared values and mutual trust. |
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AKBC Board Planning Day
On the 15th of February, the AKBC Board held a Planning Day, led by our new Chair Hon Martin Ferguson AM. The board dove deep into discussions on key elements crucial for the Australia-Korea Business Council's future. The morning was dedicated to refining our events calendar, including our Annual Canberra Day and 45th AKBC-KABC Joint Meeting. Afternoon discussions revolved around turbocharging our business strategy for stronger Australia-Korea collaboration. A core element of our discussions was ensuring our membership experiences were enriching and valuable. |
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AKBC, KOMIPO and Elecseed - Green Hydrogen Masterplan
AKBC's member Elecseed and its Joint Venture partners Korea Midland Power Co., Ltd. met with our new chairman the Hon Martin Ferguson AM in Melbourne.
The attendees shared their Green Hydrogen and Renewable’s vision between Australia and Korea, as well as the research they are doing to support the logistics of green hydrogen between our nations in conjunction with the Korea Advanced Institute of Science and Technology and other partners. It is an exciting and important time for both countries as they work together in the energy and critical minerals sectors. |
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Meeting with the Consulate of Republic of Korea in Melbourne
AKBC team had the pleasure of meeting Mr. Changhoon Yi, the Consul General, and Mr. Heon Cho, the Consul of the Republic of Korea in Melbourne, to discuss current projects and potential collaboration opportunities. Our meeting was conducted entirely in Korean. Our discussion signals that we are going to have an exciting year filled with fantastic Korean-Australian events in Victoria and beyond.
AKBC is ready to bring our energy and support to make these events unforgettable!
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Australia-Korea Superannuation and Pension Symposium
AKBC was delighted to meet Dr. Doowon Lee, Associate Professor in University of Sydney Business School, and Dr. Bobae Choi, Associate Professor in University of Newcastle to discuss the research studies they are working on in the finance sector between Australia and Korea. They have recently won the AKF Grant for “Australia-Korea Superannuation and Pension Symposium: Current Trends, Challenges, and Opportunities”
We have confirmed the areas for collaboration and next steps. AKBC will be supporting the members to grow their involvement with Korean institutions and partners. |
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FREE Fertility Tips: Nurturing your path to parenthood
Embarking on your fertility journey involves navigating through various factors that influence fertility such as lifestyle, health, and individual circumstances. The great news is you have the power to enhance your fertility!
As an AKBC subscriber, our corporate partnership with City Fertility means you qualify for exclusive discounts on a wide range of fertility services (including IVF and egg freezing). Quote discount code AKBC CITY20 when booking to qualify for 20% discount. Note, T&Cs apply. |
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Woodside Energy signs SPA with KOGAS AKBC congratulates Woodside Energy on their recent announcement with Korea Gas Corporation(KOGAS). Woodside Energy and KOGAS have signed a long-term sale and purchase agreement for the supply of approximately 0.5 million tonnes per year of LNG for a period of 10.5 years, commencing in 2026. The LNG will be supplied to KOGAS from across Woodside’s portfolio, including the Scarborough Energy Project. |
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Word of the Month: 지하철 JI-HA-CHEOL
Refers to the subway. Train in Korea is only used for the express train system. 지하철 탔습니다. Ji-ha-cheol Tat-seum-ni-da. I'm on the subway. |
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What's been making news - Asiana Airlines is reintroducing direct flights between Melbourne and Seoul starting July 2, 2024 until September 2, 2024. This is after a huge success in seasonal direct flights earlier this year and the new flights will operate four times a week, double from the previous flight schedule. This connection distinguishes Asiana from competitors, such as Qantas and T'Way Air, most of whom operate from Sydney.
- LG Energy Solution is increasing its lithium supply from Wesfarmers Chemicals, Energy and Fertilisers (WesCEF) to benefit from a US policy favouring products from the country or its trading partners. LG Energy has signed an offtake agreement to purchase up to 85,000 tons of lithium concentrate from Wesfarmers this year. The move aligns with the IRA, providing incentives for EVs assembled in the US with batteries sourced from the country or its trade partners like Australia.
- According to the Korea Tourism Organization, in 2023, Korea experienced a significant rebound in foreign tourism, surpassing 11 million visitors, equivalent to 63% of pre-COVID levels. Australia had 198,604 tourists visiting Korea in 2023 which is a 203% increase from the previous year.
- South Korea and Australia have committed to advancing the procedures for cross-border carbon dioxide transport, facilitating the progress of their bilateral carbon capture and storage (#CCS) project. In a meeting between Korean Industry Minister Ahn Duk-geun and Australian Resources Minister Madeleine King in Seoul, the two nations pledged to expedite the CCS project, focusing on storing Korean carbon dioxide in depleted gas fields in Australia.
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For the latest information and insights relating to the Australia-Korea bilateral relationship, please follow us on LinkedIn. |
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Our AKBC members are given access to regular events, boardroom briefings, and the opportunity to create and foster 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.
We assist you with a Korean market engagement strategy, providing cultural training, reports, and preliminary analysis, positioning your business to take informed steps to maximise commercial success within Korea. |
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- Resources – Access AKBC authored reports containing the latest insights on the Australia-Korea relationship.
- Networking – Join AKBC events focused in promising areas of growth in the Australia-Korea bilateral relationship and leverage our networks to make meaningful connections with the Korean business community.
- Training– Gain an enhanced understanding of Korean business culture through our "winning business in Korea" workshops.
- News– Keep plugged into the latest news, insights and business opportunities.
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About the AKBC 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. |
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