[Corridor Conversations] Tanya Moon

Corridor Conversations – Tanya Moon

Title: Associate Director – New Electric Partners

         Board of Governors – AustCham Korea

Quote: On living in Korea – “You get out what you put in. The more you educate yourself about Korean markets, the more you immerse yourself with your networks, the more you’ll get out of it.”

Can you please offer a quick background about yourself, New Electric Partners (NEP), and what you do in the Australia-Korea space?

First, a quick background on my career – I came over to Korea three and a half years ago with the Queensland Government through Trade and Investment Queensland (TIQ) where I was the Investment Director. I joined NEP eighteen months ago because I was attracted to the industry – my background prior to TIQ was in natural resources and the energy sector. With NEP, I was able to focus more on decarbonisation and the battery industry. Since joining NEP, we’ve been able to help both sides – the Australian resources side and Korean investor side – by linking and educating the market on both sides.

As for NEP, we are a corporate financial advisory firm, focused on decarbonisation and battery supply chains. Our clients are mainly upstream resource owners and midstream processing clients in the battery supply chain. We cover materials like lithium, nickel, cobalt, graphite, and the processing of these materials. We also work on clean energy projects like hydrogen and ammonia. We focus on Korean companies who are looking to invest in different parts of supply chains overseas.

So you’ve been with NEP for 18 months – that gives you enough time to get an idea of a sense of momentum when it comes to critical minerals etc within the Australia-Korea space. Where do you see the industry and the bilateral relationship headed?

About six or twelve months ago the momentum was much stronger. I think the broader economic downturn has impacted the industry. We are still seeing investments but Koreans who are already relatively conservative investors have become a little more conservative. I think a broader economic downturn has impacted how companies are investing and has slowed down the market with some investments going on holdor delayed

What about the relationship between Australia and Korea?

As for the relationship between Australia and Korea on the critical minerals side – the IRA is still going to be an important consideration for investors in Korea. As a result, Australia is going to be a focus for the Korean investors. The biggest hurdle that Australian resource companies or Australia as a whole has to overcome is the cost factor. We are still competing with products that come out of China or Indonesia where the cost of production is much lower. Australia has benefits related to ESG factors and the more focus that is put on ESG the more it’ll benefit Australia but for Korean investors, while ESG is an importanta consideration it does not seem to be a priority.

One thing I would say is that the Australian government representatives who visited Korea last year has definitely helped educate the Korean market about the opportunities that exist in Australia in critical minerals, hydrogen and ammonia. Engagement between Australia and Korea is continuing with a strong Australian presence at industry related events in Korea and vice versa. We have Inter Battery being held in Seoul in March where Australian companies are going to be in Korea engaging with investors, a number of Korean investors are attending the Carbon Capture Conference in Perth and there’s also a fast markets conference being held in Korea in April where a lot of Australian investors will be present.

How about AustCham Korea – how have they been able to help you and NEP?

I think AustCham has been immensely helpful. There’s a clear distinction from some of the other Chambers in Korea in the way it cooperates with the Australian Embassy,. This can be seen in the way AustCham supports government officials who are visiting Korea – NEP has been able to engage at events with not only Korean investors but also provide feedback to government officials in Australia about what we are seeing and hearing from Korean investors. That is beneficial for both sides in relation to building the industry and educating investors. That engagement with government representatives has been very helpful for us which is something I think we’d lack without AustCham.

Do you have any advice for expats? Are there common themes for those who successfully navigate moving to and then living in Korea?

In the early days, you want to immerse yourself in the Korean culture and also immerse yourself in doing business in Korea. It’s not the easiest place to do business, it’s very different to Australia. I think you need to get yourself out there and network – whether that be experienced expats or Koreans who can show you the way. It was easier for me because I started in a government entity which naturally gave me a network with the Embassy, Austrade, and some conglomerates who were working with TIQ. Secondly, you get out what you put in. The more you educate yourself about Korean markets, the more you immerse yourself with your networks, the more you’ll get out of it. Also – I am Korean. I was born in Korea and immigrated to Australia when I was 11. I speak Korean which is an advantage, but I think anyone who doesn’t speak Korean should put in the effort to learn a little bit of Korean which can go a long way.

What differences have you noticed in the Australia-Korea business sphere? What are a couple of the most prominent differences?

Firstly, Korea is a lot more hierarchical and structured in the workplace. You will often find, even when you walk into a meeting, that there are seating plans. The senior person on your side has to sit opposite the most senior person on the other side. Understanding these rules about hierarchy will ensure you feel more comfortable in business meetings. The other thing is that Australians are a lot more forthcoming. Koreans will rarely give away much so you won’t know where they stand. You sometimes get very positive reactions, but it’s very rare to get an outright no because Korean culture is very polite. They’re probably the two biggest cultural differences. Also, building networks in person is very beneficial.

In a big city like Seoul – what are your hobbies?

From a social perspective, it’s been a lot better than I expected. The cost of living here is slightly lower than Australia so I can try a lot different activities. My hobbies include snowboarding during the winter time. When it’s summer there’s heaps of water sports you can do. A lot of foreigners get surprised by how much nature exists in Korea. In summer, I enjoy water sports not just on the Han River (한강) but also beaches like YangYang (양양) where you can go surfing. I also enjoy the Seoul nightlife – there’s so much going on all the time. There’s always something to see and something new to go to.

Tanya, it’s been a pleasure. Thank you for sitting down with us!