Carbon Neutrality, Hydrogen, Critical Minerals... Discussions on Expanding Korea-Australia Cooperation

KCCI, Australian Trade and Investment Commission, etc.
Hold 'Korea-Australia Business Roundtable' on 25th
Discuss Expansion Plans for Bilateral Cooperation in Hydrogen, Steel, Energy Storage Devices, etc.

Panorama of the Korea Chamber of Commerce and Industry

[Asia Economy Reporter Donghoon Jeong] The Korea Chamber of Commerce and Industry (KCCI) announced that, together with the Australian Trade and Investment Commission, KOTRA, and the Korea Institute of Energy Technology Evaluation and Planning (KETEP), it will hold the "Korea-Australia Business Roundtable" on the 25th in Sydney, Australia, to discuss ways to expand economic cooperation between the two countries.

This forum is being promoted as a follow-up measure to President Moon Jae-in's state visit to Australia last December. Concrete plans to expand economic cooperation are expected, including the signing of memorandums of understanding (MOUs) and proposals for cooperative projects between companies from both countries in the fields of hydrogen, steel, energy storage devices, and critical minerals.

On the Korean side, about 20 participants are expected, including Park Ki-young, 2nd Vice Minister of the Ministry of Trade, Industry and Energy; Yoo Beop-min, Director General of the Resource Industry Policy Bureau at the Ministry of Trade, Industry and Energy; Kwon Ki-young, President of KETEP; Lim Si-jong, General Manager of SK E&S; Lee Kang-yeol, Executive Director of LG Energy Solution; Shin Seung-gyu, Executive Director of Hyundai Motor Company; Kim Ki-chul, Executive Director of Hyundai Glovis; Park Sung-min, Branch Manager of Samsung C&T Corporation; Kim Yoon-dong, Executive Director of Hyundai Engineering; Lee Seung-woo, President of Korea Southern Power; Lee Do-yeol, Vice President of Korea Trade Insurance Corporation; and Lee Sung-woo, Head of the International Trade Department at KCCI.

On the Australian side, about 20 participants will attend, including Xavier Simone, Representative of the Australian Trade and Investment Commission; Simon Crean, Chairman of the Korea-Australia Economic Cooperation Committee; Fiona Simon, Chairperson of the Australian Hydrogen Council; Andrew Roberson, Director of Macquarie; and key Australian businesspeople.

Under the presence of government representatives from both countries, a signing ceremony for business agreements will take place. Scheduled agreements include an MOU between SK E&S, Korea Trade Insurance Corporation, and Santos (an Australian company) for "Cooperation on the Discovery of Carbon Dioxide Storage Sites and the Specification of Related Systems," as well as agreements among Korean and Australian companies, financial institutions, and organizations for cooperation in carbon capture and storage and hydrogen production.

Additionally, there will be presentations on successful cooperation cases between Korean and Australian companies and future strategies to expand economic cooperation, covering areas such as critical mineral supply chain cooperation, carbon-neutral technologies, green hydrogen, fuel cell power generation, and hydrogen-powered mobility including hydrogen buses.

Lee Sung-woo, Head of the International Trade Department at KCCI, said, "As countries around the world accelerate carbon neutrality efforts, demand for new minerals is rapidly increasing. If Korea and Australia expand economic cooperation based on mutual trust, it will greatly contribute to stabilizing the global supply chain and advancing carbon neutrality."

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