"Post-Corona Era Korea-Australia Economic Cooperation: Let's Expand 'Hydrogen and Bio'"

[Asia Economy Reporter Kim Hyewon] There have been calls to expand and strengthen economic cooperation between Korea and Australia in the post-COVID-19 era, focusing on the hydrogen and bio industries.

The Federation of Korean Industries (FKI) held the 41st Korea-Australia Business Cooperation Committee (AKBC) jointly with the Korea-Australia Economic Cooperation Committee at the FKI building in Yeouido on the 24th. The joint discussion focused on cooperation measures between Korea and Australia in the hydrogen and biohealth industries.

Due to the COVID-19 pandemic, the meeting was held online and attended by Choi Jung-woo, Chair of the Korea-Australia Economic Cooperation Committee (Chairman of POSCO), Simon Crean, Chair of the Australia-Korea Economic Cooperation Committee, and Kwon Tae-shin, Vice Chairman of FKI, among others.

In his opening remarks, Chair Choi emphasized, "While adapting to the rapidly changing surrounding environment due to COVID-19, it is time for Korea and Australia to cooperate and seek long-term development plans in line with changes in future society," citing hydrogen energy and the biohealth industry as representative fields of economic cooperation in the post-COVID-19 era.

He proposed, "As global interest in the eco-friendly hydrogen industry is increasing and the importance of the bio industry has become greater than ever due to the COVID-19 situation, let us develop these two fields as future growth engines for cooperation between the two countries."

Seong Yun-mo, Minister of Trade, Industry and Energy, delivered a video congratulatory message, stating, "Future economic cooperation between Korea and Australia needs to expand from the current close cooperation in the energy and resource sectors to new industries such as hydrogen and bio," adding, "In the hydrogen economy, there are high expectations for joint cooperation projects between the two countries by utilizing Korea’s roadmap and achievements as the world’s number one in hydrogen utilization, along with Australia’s national hydrogen strategy."

In the first hydrogen industry session, Cho Ju-ik, Head of POSCO’s New Growth Planning Office, presented on "Opportunities for Korea-Australia Cooperation Following the Advancement of the Hydrogen Economy." Cho evaluated, "According to the hydrogen economy activation roadmap, the target for hydrogen production for energy use in 2040 is 5.26 million tons. Due to domestic renewable energy expansion and limitations in water electrolysis technology, achieving this target with domestic supply alone is impossible, making overseas green hydrogen procurement very important."

He added, "When switching to hydrogen reduction steelmaking, a new steelmaking method using hydrogen instead of coal as a reducing agent, POSCO will become the largest domestic green hydrogen demand company," and expressed hope that Korea-Australia economic cooperation would expand from fossil fuel-centered cooperation to hydrogen economy cooperation.

Park Hoon-mo, Team Leader of Hyundai Motor Company’s Hydrogen Energy Business Promotion Team, introduced plans for "Korea-Australia Hydrogen Energy Value Chain Cooperation to Realize the Hydrogen Economy." Park said, "The cooperation in the hydrogen value chain with Australia, which aims to expand hydrogen as a national energy source in Korea and become one of the top three global hydrogen exporting countries, will greatly contribute to advancing the global hydrogen economy," and suggested that Korea-Australia hydrogen energy cooperation should mainly focus on importing hydrogen produced in Australia to Korea and establishing a hydrogen energy base within Australia.

In the second biohealth industry session, Professor Peter Doherty (1996 Nobel Prize in Physiology or Medicine laureate) from Australia emphasized the importance of recognizing and preparing for infection risks, stating, "To protect the most vulnerable people from COVID-19, everyone should assume they have already been infected and act accordingly." He also stressed the need to prepare for repeated cycles of opening and closing until a good vaccine is obtained, highlighting the importance of the bio industry and international cooperation such as between Korea and Australia in responding to COVID-19 and future pandemics caused by new viruses.

The FKI and AKBC agreed to hold the Korea-Australia Economic Cooperation Committee next year to commemorate the 60th anniversary of diplomatic relations between the two countries, depending on the COVID-19 situation. The Korea-Australia Economic Cooperation Committee is the only private economic consultative body between the two countries and celebrated its 41st anniversary this year since the first meeting was held in Seoul in 1979.

This content was produced with the assistance of AI translation services.