The Australian Chamber of Commerce in Korea co-hosts Dinner Reception for the Australian Federal Minister for Trade and Tourism, Senator the Hon Don Farrell
On Wednesday, the 12th of October, the Australian Chamber of Commerce in Korea (AustCham Korea) co-hosted a Dinner Reception with the Australian Embassy for the Australian Federal Minister for Trade and Tourism, Senator the Honourable Don Farrell, at the Four Seasons Hotel Seoul.
The Minister’s visit to Japan and the Republic of Korea is a strategic move to engage with two of Australia’s key partners to strengthen trade ties, promote Australia as a renewable energy superpower and discuss cooperation on economic security. Minister Farrell was joined by a delegation of Australian critical minerals businesses for this trade mission.
During the Dinner Reception event, which was attended by more than one hundred and forty senior business and government representatives, Minister Farrell highlighted the importance of the Republic of Korea to Australia, and further explored the significant potential to grow and diversify trade and investment in the agribusiness, education, renewable energy and critical minerals sectors.
The Australia Chamber of Commerce in Korea Chairman and Dinner Reception emcee, Mr Ross Gregory, emphasised the strong trade connection between Australia and Korea.
“This reception not only provided a platform for industry leaders from the Chamber and broader business community to connect with key Australian counterparts, it also gave all who attended a chance to gain invaluable insight into the Australia-Korea business relationship in a personal and candid setting.”
Minister Farrell acknowledged the importance of businesses forging new connections and finding new opportunities to invest, diversify and collaborate.
“I particularly want to highlight how Australia and Korea are natural partners in advancing our mutual economic security, while seizing the opportunities of the emerging green economy.”
“Australia is a partner of choice to Korea when it comes to food security, energy and resources. With the right investment, we stand ready to face economic challenges together with Korea.”
Recent government figures highlighted that in 2021 Korea was Australia’s 4th largest goods trading partner, 3rd largest goods export market, and 7th largest source of goods imports. On the other side of the coin, Australia was Korea’s 6th largest goods trading partner, 13th largest goods export destination, and 4th largest goods import source. The stock of Australian investment in Korea, and vice versa, has also grown threefold for both countries between 2010 and 2021.
As the peak body representing the Australia-Korea business community, the Australian Chamber of Commerce in Korea continues to work as a conduit between the government and corporate sector, leveraging exciting new opportunities for trade and investment.
