▲ Chang In-hwa (left), chairman of the Korea-Australia Economic Cooperation Committee, and Martin Ferguson, chairman of the Australia-Korea Business Council
The business communities of South Korea and Australia have agreed to expand cooperation across future high-tech industries, including critical minerals, artificial intelligence (AI), and the defense sector.
The Federation of Korean Industries (FKI) announced that it held the 47th Korea-Australia Joint Economic Cooperation Committee meeting with the Australia-Korea Business Council (AKBC) at the Adelaide Oval today (the 2nd) and adopted a joint statement containing these measures.
In the joint statement adopted on this day, both sides agreed to strengthen their comprehensive strategic partnership in response to geopolitical uncertainties.
Specifically, they agreed on: ▲ integrating critical mineral and battery material value chains while strengthening financial support from export credit agencies (ECAs); ▲ expanding cooperation in advanced defense linked to AI, data centers, space, and AUKUS Pillar 2; and ▲ diversifying eco-friendly energy cooperation, including renewable energy, hydrogen, and carbon capture and storage (CCS).
They also shared the consensus to strengthen regional economic integration through South Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and confirmed the active support of the Australian side.
Marking the 65th anniversary of diplomatic relations between the two countries, some 200 businesspeople and senior government officials from both nations attended the meeting.
Attending from the South Korean side were Chang In-hwa, chairman of the Korea-Australia Economic Cooperation Committee (and chairman of POSCO Group); Kim Chang-bum, executive vice chairman of the FKI; and Kim Ji-min, minister-counsellor at the Korean Embassy in Australia. The Australian side was represented by Martin Ferguson, chairman of the AKBC, alongside Foreign Minister Penny Wong and Trade and Tourism Minister Don Farrell.
In his opening remarks, Chairman Chang proposed three major cooperative tasks between the two countries: advancing critical mineral supply chains, building an eco-friendly energy ecosystem, and defense, shipbuilding, space, and advanced research and development (R&D).
Bang Jin-chul, head of POSCO's Australian Critical Resources Research Institute, shared a plan during a session to elevate bilateral cooperation to a technology partnership stage through joint R&D on hydrogen-based steelmaking and critical mineral technology development.
Kim Kwan-young, a team leader at LX International, stated, "The competitiveness of critical mineral projects comes not only from reserves, but also from a sustainable business structure," adding, "Designing a structure that combines secure demand acquisition, price volatility management, and policy financing is essential."
Jeon Jae-ha, a senior vice president at Hyosung Heavy Industries, noted the global power equipment supply shortage and emphasized, "We must transition from one-off transactions to a strategic partnership centered on long-term framework contracts."
In doing so, he proposed a win-win model combining South Korea's manufacturing prowess with Australia's infrastructure demand.
The 48th annual joint meeting of the Korea-Australia Economic Cooperation Committee will be held in South Korea next year.
(Photo: Federation of Korean Industries, Yonhap News)
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