Earlier this month, Minister for Trade, Tourism and Investment, the Hon Dan Tehan MP, visited Seoul. The visit took place as part of the high-level bilateral engagements marking the 60th anniversary of diplomatic relations between Australia and the Republic of Korea – a country that is now Australia’s fourth largest trading partner.

While large-group engagements were not possible due to social distancing restrictions, AustCham Korea’s Chair, Chris Raciti, and Executive Director, Rowan Petz, met Minister Tehan to discuss the Australia-Korea business relationship. During the meeting, Mr Raciti emphasised the importance on keeping travel corridor open between our two countries as to facilitate the continued growth of trade, investment and linages between our two nations.

“The Chamber plays a key role in advocating on key issues that affect our members and the broader Australia-Korea business community. It was a pleasure to meet with Minister Tahan during his visit to Seoul and discuss some of the key issues within the Australia-Korea bilateral relationship, while also passing along feedback from a business perspective.” Mr Raciti said.

During his visit, Minister Tehan also joined a number of industry specific events hosted by the Australian Embassy in Seoul (pictured below), meeting with a number of members of AustCham Korea, including ANZ, Australian Strategic Materials (ASM), Herbert Smith Freehills, IFM Investors, Meat & Livestock Australia, Macquarie Group, Woodside Energy and representatives from the Korean government, including Myung-hee Yoo, Korean Minister for Trade from Minister of Trade, Industry and Energy (MOTIE).

For more on the Korea–Australia Free Trade Agreement, please click here.

Read more on AustCham News.

Yesterday, on Thursday, July 29, the AustCham Korea team visited the New South Wales booth at the Seoul Food & Hotel Expo at KINTEX.

It was great to see so many NSW brands showcased to local industry representatives and distributers. The team also enjoyed some delicious Aussie pie samples and hope to see the pies (along with other F&B products) on Korean supermarket shelves in the near future!

Read more here.

Photo credit: NSW Government

On Thursday, July 15, AustCham Korea and the Global Green Growth Institute (GGGI) co-hosted a special industry roundtable discussing the Future of Mobility and the role that sustainability concerns are playing in driving innovation within various mobility sectors.

The roundtable, titled ‘The Future of Mobility,’ was originally intended to take place in a hybrid format, combining in-person and virtual attendance from the guest speakers and key industry stakeholders. However, due to the Level 4 social distancing restrictions, the event shifted to a fully virtual format, demonstrating the organisers’ commitment to engaging with these industry dialogues in challenging circumstances.

AustCham Korea Executive Director, Rowan Petz, emphasized the Chamber’s ongoing commitment to bringing together key industry stakeholders and policy-makers to discuss sustainability across a multitude of sectors.

“The Future of Mobility round table is the third AustCham event collaboration with GGGI this year, following on from our events on circular economy and green finance. I am proud to see AustCham Korea at the forefront of these important industry discussions, which bring together key industry stakeholders and enable participants to share their expertise across a broad array of industries and geographical locations,” he said.

GGGI Assistant Director-General and Head of Investment & Policy Solutions Division, Dr Kyung Nam Shin delivered the Welcome Remarks of the Round Table, emphasizing the link between green mobility and a sustainable future.

“I sincerely hope that all of participants find the event very informative and worthwhile through the event and it served as an occasion to boost up future mobility as a part of the green transformation and carbon neutrality. I would like to express my gratitude to Australian Chamber of Commerce for organizing this roundtable on discussion for future mobility”, he said.

Following the welcoming remarks, AustCham Korea’s AustCham Board Member and Chief Representative of Woodside Energy in Korea, Sandra Park, opened the Round Table discussion, which included presentations by four mobility experts. Speakers included Adeel Ahmad, Project Director, Intralink, Casey Gee Hoon Hyun, Mobility Expert, Jeff Mannering, Managing Director, 아우디 코리아 (Audi Korea), and Eric Wang, Co-Founder and CEO, Wind Mobility.

Bringing together mobility experts from global companies, the Round Table included over 50 attendees from within the public and private sectors.

The event reflects the ongoing partnership between AustChamKorea and GGGI, and was hosted as part of the Campaign for Blue Skies and Net Zero 2050 in the Republic of Korea, which was launched last year to support the implementation of the country’s commitment to achieving net zero emissions by 2050.

Read the official AustCham Press Release here.

Read the event coverage on The Korea Herald.

Watch the webinar recording here.

On Thursday, July 8, 2021, AustCham Korea was pleased to launch our Upskilling Workshop Series with a special leadership workshop on ‘Purpose Led Leadership in the Post Pandemic Times‘.

We would like to thank the expert speaker, Elsie Yung, Founder of Elsyung Consulting, for the insightful session.

Those interested in arranging a follow-up upskilling session for their teams, are welcome to reach out to Elsie on info@elsyungconsulting.com or via the Elsyung Consulting website: http://www.elsyungconsulting.com/

To contact AustCham Korea, please email info@austchamkorea.org or visit our website on https://austchamkorea.org/

Watch the recording here.

On Thursday, June 24, AustCham Korea Chair, Chris Raciti, joined a the Global Market Insights seminar on Japan and Republic of Korea.

The Chamber was pleased to support the event, which was hosted by the Export Council of Australia, as part of their ongoing Global Market Insights series.

Special thanks to all the speakers and moderator for their time and insights:

- [MC] Ms Cristina Talacko, Founder, SalDoce Fine Foods, and ECA Board Member

- Hon. Dan Tehan MP, Minister for Trade, Tourism and Investment

- Ms Cathy Raper, Australian Ambassador to the Republic of Korea, Australian Embassy, Seoul

- Ms Jan Adams AO PSM, Australian Ambassador to Japan, Australian Embassy, Tokyo

- Mr Brett Cooper, Minister (Commercial), General Manager, North East Asia, Australian Embassy, Tokyo

- Mr Chris Raciti, Chair, AustCham Korea

- Mr Yoshinori Sakuno, Group Managing Director and Founder, doq®

The event reiterated the strong commitment by the leaders of Australia, Japan and Republic of Korea for enhanced strategic and economic partnership. Australia is highly regarded in these markets, including for energy, food and beverage, and lifestyle products and services.

While the event was not recorded, it was fantastic to have close to 300 viewers tune-in to the export update. We look forward to continuing to develop our cooperation with the Export Council of Australia and host other joint events in the future.

Did you know that you can find AustCham Korea's past webinars on our YouTube channel?

We upload complimentary past webinars to make them accessible to you for review or viewing at your leisure. If you are an AustCham Member and would like to access some of the past paid webinar recordings, please get in touch with us at info@austchamkorea.org.

Click here to browse AustCham Korea's YouTube Channel and subscribe to keep track of our webinars and other initiatives.

Are you a graduate form a NSW university or TAFE?

AustCham Korea is proudly working with the New South Wales (NSW) Government in launching an NSW university alumni portal to connect prominent professionals working within the Australia-Korea trade corridor!

The database will include those who have previously studied in NSW and are currently working for Korean or Australian organisations. The purpose of building an NSW alumni database is to provide business opportunities in either Korea and/or Australia (especially NSW).

For more information about registering for the NSW Alumni Database and its benefits, please click here.

The Chamber is glad to officially welcome our new Business & Administration Manager, Yeon Ji (Jade) Son to the team!

Fluent in English and Korean, Jade is passionate in promoting strong relationships between Australian and Korean communities. She has extensive experience in research and external relations, having served with the Ministry of Foreign Affairs for five years.

Jade holds a Bachelor’s degree from Ewha Womans University in Korea and a Master’s degree (with Honours) of Public Policy in Hong Kong.

Having lived in both Korea and overseas, her background has given her a strong appreciation of the importance of serving the community. She is particularly keen to get involved in projects that will help enrich connections for the Chamber’s stakeholders.

If you would like to contact Jade, you can reach her at admin@austchamkorea.org.

Read more about the team on our Secretariat page.

Interested in immigrating to Australia?

Australia is after the brightest and best global talent to work in ten future-focused sectors. The newly launched Global Talent Visa Program, also known as the Global Talent Independent Program, is a streamlined visa pathway for highly skilled professionals to work and live permanently in Australia.

As one of the most prosperous, safe and culturally diverse countries in the world, Australia offers opportunities for innovation, with strong trading links and a business friendly regulatory approach. Through the program, talented individuals will be given permanent residency to make their new lives in Australia.

To shine a spotlight on the Global Talent Visa Program and share tips on navigating the visa application process, we are pleased to invite you to our upcoming webinar, ‘Unlocking Australian Immigration Opportunities’!

The webinar will be hosted between 12:30 pm – 1:30 pm KST on Thursday, August 5, 2021, and will feature presentations by:

AustCham Korea is pleased to collaborate with AustCham Hong Kong, AustCham Mongolia and AustCham South China for this event.

Details & registration can be found here.

AustCham Korea is pleased to continue our sponsorship of IMARC in 2021!

The International Mining and Resources Conference (IMARC) is where global mining leaders connect with technology, finance and the future. As Australia's most influential mining event, IMARC creates a global conversation, mobilises the industry for collaboration and attracts some of the greatest leaders in the mining, investment, and technology industries for three days of learning, deal-making and unparalleled networking.

Hear from more than 250 mining leaders and resource experts with a conference program that covers all aspects of the mining supply chain. From exploration, to investment, production to optimisation through to new technologies and global opportunities. Alongside discussions on health and safety, renewable energy, critical minerals, and sustainability. View the program here.

IMARC is the only place where you can see cutting-edge equipment, technologies, innovations, and services for all your mining needs. Find new solutions from ground-breaking companies and the biggest names in the industry, discuss your specific challenges with knowledgeable technical experts, and get what you need to transform your operations; whether it’s for exploration, mine development, sustainability or safety, you’ll find it at IMARC with more than 200 leading companies exhibiting across the 13,000m2 expo floor. See who is exhibiting here.

With over 70 hours of networking, there will be ample opportunity for you to meet more than 8,000 decision makers, mining leaders, policy makers, investors, commodity buyers, technical experts, innovators, and educators at Australia’s largest mining event. See all networking opportunities.

As the world’s borders are still largely locked down, IMARC will be a hybrid event in 2021, welcoming Australian attendees in-person to Melbourne, and international attendees from more than 100 countries via our online platform. Attendees will be able to log in online to stream live and on demand conference presentations, participate in virtual meetings and interactive networking.

Join us for Australia’s largest and most influential event! Register for a free content pass now or apply for more in-depth conference access with a further 10% off current early bird prices when registering with the discount code AUSTCHAMKOREA

Registration link can be found here.

Please note that the earlybird discount expires on 6 August.

One of the Chamber's CSR partners, the 동방사회복지회 (Eastern Social Welfare Society), which is supporting single-mothers in the community, has launched registration for their 2021 Walkathon Fundraiser!

The participation fee is $30 / KRW30,000 per person and all proceeds will go to ESWS projects and initiatives that support single mothers.

Sign-up here to participate:

Find out more about ESWS: https://eng.eastern.or.kr/

Looking for socially-distanced weekend activities, home-office upgrades or assistance navigating immigration and quarantine when travelling abroad?

Get inspired with some terrific July specials from our Small Business Members!

Featuring deals from: Australian Tea Masters, Bae Juice, Big Dream (Four Pillars Gin), Bohemian Picnic, CrossFit Hannam, Gogozing Migration, Golden 8 Skincare, Kanguru, Nature Shop, The Sool Company, Posture360 and Simple Spaces Korea.

Check out the July specials here.

Australian Prime Minister Scott Morrison recently shared a personal message on the occasion of the 60th Anniversary of Diplomatic Relations between the Republic of Korea and Australia.

When Prime Minister Morrison met President Moon in the margins of last month’s G7 Summit, the two leaders had a warm and productive discussion in which they agreed to elevate the Australia-Republic of Korea relationship to a ‘Comprehensive Strategic Partnership’.

This is a tribute to the closeness of our two countries and the promising future we both share.

Read more here.

Letter source: Australian Embassy, Republic of Korea

Image Source: 대한민국 청와대

Macquarie Group, Hyundai Motor Company and other parties are part of a consortium that has been awarded grant funding to complete the deployment of 30 Class 8 fuel cell electric trucks in North America.

Macquarie will own and lease the vehicles to the fleet operator, advancing the transition to a low-carbon future in the commercial transportation sector.

Learn more in Korean (here) and in English (here).

Media coverage can be found here.

The Chamber is pleased to congratulate our Silver Sponsor, Australian Strategic Materials (ASM), on entering into a conditional exclusive framework agreement with a consortium of South Korean Investors to subscribe for a 20% equity interest in ASM for a subscription price of US$250m.

The signing ceremony (pictured), took place in Seoul on Monday, July 19, and was attended by Ms Catherine Raper, Australian Ambassador to the Republic of Korea, Mr David Ko, CEO of ACE Equity Partners LLC, Mr PS Ra, CEO of Cerritos Holdings Co., Ltd, Mr Jerry Kwak, CEO of Kamur Partners LLC, Mr Ian Gandel, Chair of ASM, the Hon. Mr Dan Tehan, Australian Minister for Trade, Tourism and Investment, and Mr David Woodall, Managing Director of ASM.

ASMH is a wholly owned subsidiary of ASM and is the holding company for ASM’s Dubbo Project.

The Agreement includes provision for a ten-year offtake agreement for up to 2,800tpa of NdFeB (neodymium-iron-boron) alloy from ASM’s Korean Metals Plant (KMP), which is currently under construction in Ochang, South Korea. The volumes outlined in the Proposed Offtake Agreement anticipate 100% of the neodymium oxide planned to be produced at the Dubbo Project being the primary source of feed to the KMP post the completion of construction.

The Investing Partnership comprises three respected South Korean private equity firms : Cerritos Holdings Co., Ltd, Kamur Partners LLC and ACE Equity Partners LLC. The Investing Partnership intends to establish a South Korean consortium fund (Consortium Fund) for the purposes of the acquisition of the 20% equity in ASMH. Further, the Investing Partnership intends to form a separate consortium fund to establish and develop a permanent magnet manufacturing business in South Korea (MagnetCo Fund). MagnetCo Fund will be the counterparty to the Proposed Offtake Agreement.

The Investing Partnership will arrange investment into the Consortium Fund which is expected to include strategic investment from major Korean industrial companies. Under the Agreement, the subscription funds are payable to ASMH on satisfaction of the conditions. The funds are intended to be used by ASMH, in combination with other funding sources, to progress the development of the Dubbo Project.

The Agreement represents an important contribution of financial support for the Dubbo Project, a proposed long-term polymetallic resource development containing rare earths, zirconium, niobium, and hafnium, all critical metals essential for advanced and clean technologies. ASM recently announced conditional finance support from Export Finance Australia (EFA) (ASX Announcement 28 June 2021).

Read more here.

After more than eight years in Seoul, the firm moved to a new office in the city on July 19, demonstrating its commitment to the South Korean market while upgrading to an ultramodern workplace with innovations in space and equipment.

The new office, located on the 15th floor of the Ferrum Tower, several blocks east of City Hall, features state-of-the-art AV capabilities, standing desks, acoustic wall panels and a newly equipped pantry. The new office is also open plan, allowing for greater flexibility in the day-to-day use of the space while better accommodating agile working.

"The move represents our ongoing investment in the South Korean market and in our people, as we continue to evolve to meet changing workplace needs during the pandemic," said Mike McClure, head of the Seoul office.

While the address and fax number have changed, all phone numbers remain the same.

T +82 2 6321 5714

F +82 2 6321 5601

15F, Ferrum Tower

19, Eulji-ro 5-gil, Jung-gu

Seoul 04539 Korea

POSCO and Rio Tinto, a leading global mining and metals company, have signed a Memorandum of Understanding (MoU) to jointly explore, develop and demonstrate technologies to transition to a low-carbon emission steel value chain.

The partnership will explore a range of technologies for decarbonisation across the entire steel value chain from iron ore mining to steelmaking, including integrating POSCO’s steelmaking technology and Rio Tinto’s iron ore processing technology.

The Chamber is pleased to see the deepening cooperation between tow of our Silver Sponsors, reflecting the growing partnership between Australia and Korea in the field of #decarbonisation

Read more about the partnership here.

Stonepeak Partners has raised $2.75 billion for its first fund solely dedicated to investments in renewable energy.

The infrastructure-focused firm wrapped up Stonepeak Global Renewables Fund LP at an increased hard cap and far above its original $1.25 billion target, the firm said. More than 40 investors from 15 countries backed the fund.

One such investor, the New York State Common Retirement Fund, last year pledged $250 million to the fund, according to the WSJ Pro Private Equity LP Commitments database. The pension invested an additional $100 million in a parallel co-investment pool. Also last year, Border to Coast Pensions Partnership, a pension fund in the U.K., committed $100 million to the fund, the data show.

The fundraising benefited from increased investor appetite for renewable-energy strategies, said Hajir Naghdy, a Stonepeak senior managing director. The sector’s fast growth, combined with a desire by investors to participate in the world’s shift to clean energy, is driving capital to renewable energy-focused funds, industry consultants said.

Private-equity firms world-wide raised $52.2 billion across 55 renewable energy funds last year, 17% more than the $44.6 billion they collected across 73 funds in 2019, according to data provider Preqin Ltd. in London. Through early June this year, 27 such funds have raised $29.9 billion, Preqin data show.

Read more here.

Article source: The Wall Street Journal

Congratulations to CitrusAd on being acquired by the prestigious Publicis Groupe!

On July 15, Publicis Groupe announced the acquisition of CitrusAd, a software as a service (SaaS) platform optimizing brands marketing performances directly within retailer websites.

With more than 50% of its activities in the U.S., CitrusAd is present across 22 countries (headquartered in Brisbane) and 6 industries. CitrusAd provides its world-class technology to more than 70 major retailers globally and over 4,000 brands are utilizing their self-served platform.

In 2023, e-commerce sales for CPG brands will have doubled versus 2019 levels. In this context, retail media is undergoing exponential growth. From c. $30bn annually already, it is set to double in the next 5 years, and will represent one of the biggest channels of CPG media spends in the next few year.

CitrusAd’s onsite expertise complemented with Epsilon’s offsite retail media offering, both powered by the CORE ID, uniquely positions Publicis Groupe to lead the new generation of identity-led retail media, with transparent measurement validated by transactions.

Read more here.

AustCham Korea’s Gold Sponsor, Macquarie Group, recently launched the Macquarie Korea Youth Leader Program in partnership with the non-profit ChildFund to provide university students with scholarships, mentoring and career development programs.

Macquarie’s Korea Country Head Eric Kim said, “We developed this program to support the dreams of young talent to grow and develop as a future leader.”

Read more here.

July 2nd, marked the 71st anniversary of the first action faced by Australian troops in the Korean War.

On 2 July 1950, fighters from the Royal Australian Air Force's (#RAAF) #77Squadron, led by Wing Commander Lou Spence, flew the first ground support operations over Korea, becoming the first British Commonwealth and United Nations unit to see action in the Korean War.

From 1950-53, 17,000 Australians in the Army, Navy and Air Force fought as part of the United Nations (UN) multinational force, defending South Korea from the Communist force of North Korea.

Reflecting on the sacrifices of Australian soldiers that fought in the war, Australian Ambassador to the Republic of Korea, H.E. Catherine Raper, recently paid a visit to the United Nations Memorial Cemetery.

There are a total of 281 Australian UN troops laid to rest in the cemetery in Seoul. #LestWeForget

Photo credit: Office of the United Nations Memorial Cemetery in Korea (UNMCK)

Information: Australian War Memorial (AWM)

AustCham Korea is glad to welcome Ashton Legal Services ILP Pty Ltd as our newest Corporate Member!

Ashton Legal is a Sydney-based law firm specialising in Australian immigration law. They work to facilitate and promote the flow of talents, investments and business opportunities between Australia and the world through their professional services.

Their areas of expertise cover:

- Distinguished Talent visas/ Global talent visa

- Corporate immigration

- High net worth individuals

- Complex matters

Find out more on their website.