On Wednesday, 24th November, 2021, AustCham Korea was pleased to support the Trade and Investment Queensland in hosting an official reception marking 20 years since the opening a Queensland trade office in Korea.

‘Queensland has marked 20 years since opening an office in Korea with an official reception in Seoul.

Treasurer and Minister for Trade and Investment for Queensland, Cameron Dick, provided the keynote address via video and emphasized the strategic trade and investment partnership between Queensland and Korea.

“I am delighted to acknowledge the true friendship and important trade and investment relationship between Korea and Queensland,” Mr Dick said.

“Over the last two decades we have forged deep and meaningful links that extend beyond trade.

“The significant foundation of this was Queensland being the first Australian state to open a trade office in Korea.”

Korea is Queensland’s third-largest goods trade partner valued at almost $10 billion in 2020-21 – the highest of any Australian state or territory and has experienced a fourfold increase in trade over twenty years ($2.4 billion in 2000-01).

Queensland is a substantial supplier of food and agricultural products to Korea, with exports in the sector reaching $1.2 billion in 2020-21, up from $535 million in FY2010-11.  Korea is Queensland’s second-largest beef export market, valued at $1.1 billion in that period. Many varieties of fresh Queensland fruit and vegetables are also in high demand in the Korean market.

Korea is also a major buyer of Queensland resources, including coal and LNG.

The reception was attended by over 50 dignitaries and members of the local business community at the Millennium Hilton Seoul.

Australian Ambassador to the Republic of Korea, Catherine Raper, and Kim Young Jun, Ambassador of the Gyeonggi provincial government, Queensland’s sister government, attended and also spoke passionately about the Queensland-Korea relationship.

Korea is a significant investor in Australia. In 2020 Korean direct investment in Australia was valued $8.0 billion, representing an increase from $281 million invested 20 years ago.

Korea is a global leader in research and development, digital displays, electronics and semiconductors and is home to global brands Samsung, LG and POSCO.

Korean investment into Queensland has been strong in areas such as renewable energy, mineral resources, food and agribusiness and property development, including strong upstream investment in Queensland from Lotte International (Sandalwood Feedlot) and Cheil Jedang (CJ Nutracon).

Newly appointed Queensland Trade and Investment Commissioner for Korea, Ryan Freer, said the strong trade and investment ties will continue.

“Our 20-year presence here is a significant milestone – one that signifies a robust partnership based on shared values, trust and mutual respect,” Mr Freer said.

“Our goal is to continue strengthening and growing Queensland’s trade and investment relationship with Korea, creating win-win opportunities to advance and build industry capability, adding value to both economies.”

In July of this year, Queensland state capital, Brisbane, was awarded the 2032 Olympic and Paralympic Games by the International Olympic Committee (IOC).

Trade and Investment Queensland will lead the international trade and investment program as part of the Brisbane 2032 Olympic and Paralympic Games, which will showcase Queensland’s investment and export opportunities to the world.

Trade and Investment Queensland is the Queensland Government’s dedicated global business agency assisting exporters and promoting Queensland as the right place to invest.’

For more information visit tiq.qld.gov.au

Photo caption 1 – Ryan Freer, Trade and Investment Queensland Commissioner for Korea, delivers congratulatory remarks at a reception commemorating Queensland’s 20 years of having a representative office in Korea.

Photo caption 2 – (From left) Ryan Freer, Trade and Investment Queensland Commissioner for Korea, Catherine Raper, Australian Ambassador to the Republic of Korea, and Kim Young Jun, Ambassador of the Gyeonggi provincial government, Queensland’s sister government, at the Queensland reception.