Choi Jung-woo: "Full-Stage Cooperation Possible with Australia from Resource Development to Production"

FKI-Australia AKBC 44th Korea-Australia Economic Cooperation Committee Meeting
"Strengthening Net Zero R&D, Materials, and Resource Cooperation"

Choi Jung-woo, Chairman of POSCO Group, emphasized on the 8th that "Korea and Australia are countries capable of cooperating at every stage from resource development to production." He made this statement in his capacity as the chairman of the Korea-Australia Economic Cooperation Committee.

The Federation of Korean Industries announced that it jointly held the '44th Korea-Australia Economic Cooperation Committee' with the Australia-Korea Business Council (AKBC) at the JW Marriott Hotel in Seocho-gu, Seoul on the same day. This was the first face-to-face meeting since the COVID-19 pandemic. Attendees included Chairman Choi, John Walker, Chairman of AKBC, Roger Cook, Premier of Western Australia, Assemblyman Han Ki-ho (Chairman of the Korea-Australia Parliamentary Friendship Association), Bae Sang-geun, Executive Director of the Federation of Korean Industries, and Catherine Raper, Australian Ambassador to Korea.

Choi Jung-woo, Chairman of the Korea-Australia Economic Cooperation Committee and POSCO Group, delivered a greeting at the "44th Korea-Australia Economic Cooperation Committee Welcome Dinner" held on the 7th at JW Marriott Hotel in Seocho-gu, Seoul. Photo by the Federation of Korean Industries

The two countries have shifted from a traditional cooperation relationship centered on mineral resources to strengthening cooperation in key decarbonization fields such as CCS (Carbon Capture and Storage) technology research. Chairman Choi stated, "Australia is a country that can engage in future-oriented cooperation in all areas connected to our daily lives, including advanced technology research for securing renewable energy, national security, food, and eco-friendly materials." He added, "Although it is not easy to reach the stage of intergovernmental cooperation due to technological gaps and socio-cultural environmental differences, the two countries are capable of cooperating at every stage."

Chairman Walker said, "Korea is Australia's third-largest trading partner and export market," adding, "Based on the complementary strengths of resources and technology, the two countries are cooperating to establish a stable supply chain of critical minerals essential for the development of future advanced industries." He further noted, "Facing decarbonization challenges together, we are creating innovation even within traditional cooperative relationships."

John Walker, Chair of the Korea-Australia Economic Cooperation Committee, is delivering a greeting at the "44th Korea-Australia Economic Cooperation Committee Welcome Dinner" held on the 7th at JW Marriott Hotel in Seocho-gu, Seoul.
[Photo by Jeon Gyeong-ryeon]

The theme of this Economic Cooperation Committee was 'Exploring an Innovative Future through Korea-Australia Cooperation.' They discussed cooperation plans in five areas: advanced technology research and development (R&D), critical minerals, defense and aerospace, food and bio, and clean energy (hydrogen). Dr. Park Yong-chan from the Korea Institute of Geoscience and Mineral Resources introduced cooperation cases in the CCS field. He said, "From the perspective of a research institute that has developed technology related to depleted gas fields and aquifer CO2 injection, Australia and the Australian national research institution CO2CRC are the best partners."

Gavin Lockyer of Arafura, an Australian mineral exploration company, introduced the Nolans rare earth project supported by the Australian federal government. He mentioned that companies from both countries can jointly secure rare earth resources stably. Lee Kyung-seop, Executive Director of POSCO Holdings, said, "We consider the golden time for establishing a supply chain for secondary batteries, a core eco-friendly industry, to be within the next three years." He added, "With the U.S. Inflation Reduction Act (IRA) and the European Union's Critical Raw Materials Act (CRMA), cooperation in building battery supply chains excluding China is essential, and the two countries must cooperate to not miss this golden time."

Key guests attending the '44th Korea-Australia Economic Cooperation Committee Welcome Dinner' held on the 7th at JW Marriott Hotel in Seocho-gu, Seoul, pose for a commemorative photo.
From the left: Tony Kiernan, Chairman of Pilbara Minerals; Deuns Victor, CEO of GFG Alliance; Bae Sang-geun, Executive Director of the Federation of Korean Industries; Catherine Raper, Australian Ambassador to Korea; Choi Jung-woo, Chairman of the Korea-Australia Economic Cooperation Committee (Chairman of POSCO Group); John Walker, Chairman of the Australia-Korea Economic Cooperation Committee; Rowena Smith, CEO of ASM; Lee Se-ho, Executive Director of Lotte Trading.
[Photo by Federation of Korean Industries]

Besides these, the two countries confirmed that innovation continues in traditional industrial cooperation areas such as defense and food. They shared the status of clean energy cooperation centered on hydrogen. Ryu Jae-gil, team leader at Korea Zinc, introduced the Australian government's case of establishing corporate support policies to secure a green hydrogen supply chain. Green hydrogen is clean energy produced by water electrolysis (splitting water into hydrogen and oxygen using electricity) based on renewable energy sources such as solar and wind power. Team Leader Ryu said, "Korea also needs to provide institutional and financial support for green hydrogen projects where domestic companies produce and import directly overseas," adding, "Designating green hydrogen production and supply projects carried out by the private sectors of both countries as joint national projects could be a method."

Jo Joo-ik, Executive Director of POSCO Holdings, said, "As the first step to expanding green hydrogen cooperation with Australia, POSCO plans a green hydrogen production project necessary for producing HBI (Hot Briquetted Iron), an eco-friendly steel raw material." He added, "We plan to complete a green hydrogen production facility capable of producing 2,000 tons annually by 2027 for HBI production and establish a green hydrogen production system of 1 million tons by 2040."

Meanwhile, about 200 officials from both countries, including the committee chairmen and Ambassador Raper, attended the welcome dinner held the day before the joint meeting of the Economic Cooperation Committee.

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