AustCham Korea

[Member News] POSCO and Shinhan(신한은행) Invest $20 Million in Australian Green Hydrogen Startup Hysata South Korean steel giant POSCO Holdings Inc. and banking conglomerate Shinhan Financial Group have invested a combined US$20 million in Australian green hydrogen startup Hysata. This investment is part of Hysata's US$111 million Series B funding, the largest in Australian clean tech history. POSCO and Shinhan participated through a Korean fund managed by Shinhan Securities, involving affiliates such as 포스코이앤씨 (POSCO E&C) ® and Shinhan Bank. Hysata, based in Wollongong, produces high-efficiency electrolyzers that reduce electricity usage in green hydrogen production. The funds will expand Hysata’s manufacturing in New South Wales and advance its technology. This highlights Australia's growing role in the global clean energy sector, attracting major investors and fostering innovation in green hydrogen technology. [More Information: https://lnkd.in/gBCTUGDv]

[Member News] Discover the tranquil allure of summer at Grand Hyatt Seoul. Opening its doors on May 24th, the outdoor pool and poolside BBQ offer a serene escape amidst the vibrant cityscape. With panoramic views of Namsan and the Han River, guests can unwind in the embrace of nature. Savour the blend of relaxation and culinary delights at the poolside BBQ, where delectable Mexican grill specialties await under the gleaming city lights, accompanied by a variety of refreshing unlimited beverages. This perfect blend of relaxation and gastronomic indulgence promises unforgettable summer evenings. Hotel guests enjoy complimentary access to the outdoor swimming pool, while others can secure their spot by contacting at 02-797-1234 or visiting grandhyattseoul.com. Immerse yourself in the revitalizing oasis of Grand Hyatt Seoul this summer! [Outdoor Swimming pool] • Date: May 24 – Sep 22, 2024 • Hours: 7 AM – 6 PM [Poolside BBQ Operation Details] • Date: May 24 – Sep 29, 2024 / Wed –Sun • Hours: 7 PM - 9:30 PM • Price: Adult KRW 178,000 / Child KRW 89,000

Australia’s Federal Budget Unveils the “Future Made in Australia” Plan, Paving the Way for Enhanced Korea-Australian Trade and Investment. Australia's Federal Budget introduces the "Future Made in Australia" plan, allocating $22.7 billion over the next decade to establish the country as a leader in renewable energy, critical minerals, and hydrogen production. Central to this policy is the Hydrogen Production Tax Incentive, providing $2 per kilogram for renewable hydrogen production, aligning with Korea’s hydrogen integration goals. This initiative opens doors for joint ventures and technology exchanges between Australia and Korea. The policy also focuses on critical minerals, with a 10% rebate on processing costs through the Critical Minerals Production Tax Incentive. As demand for minerals like lithium and cobalt surges globally, this presents an opportunity for Korean investors to engage in a vital supply chain, particularly benefiting Korea’s tech and renewable energy sectors. Additionally, investments include $1 billion for the Solar Sunshot and $523.2 million for the Battery Breakthrough Initiative, enhancing Australia’s role in clean energy and offering investment opportunities for Korean technology sectors. A new streamlined investment process will simplify entry for significant Korean investments, providing a faster and more coordinated approval process. This aims to bolster Korean capital inflow and strengthen bilateral ties. The budget also emphasizes community and sustainable development, aiming to convert economic gains into social benefits like job creation, aligning with global environmental goals and Korean values of corporate responsibility. The "Future Made in Australia" policy not only promotes domestic growth but also strengthens global partnerships, especially with Korea. AustCham Korea continues to play a key role in fostering this cooperation through networking, advocacy, and information sharing. For more details, visit www.austchamkorea.org or contact membership@austchamkorea.org.

[AustCham Korea Webinar: Australian Tax & May Budget Update] With the Australian Federal budget being handed down next week, be sure to join AustCham Korea's special taxation webinar as we unpack the upcoming Australian tax reforms and current budget challenges. This event will feature special guests, senior financial specialists, Nathan Andrews (MA, CeMAP) and Geoff Taylor MIntTax CTA MBA FCPA. Topics: * Short overview of the Australian economy, including inflation and interest rates. * Strategies by Federal Treasurer Jim Chalmers to address sluggish growth and structural deficits. * Detailed review of major tax changes starting July 2024. A significant portion of the webinar will be dedicated to the Tax Ruling TR 2023 / 1 on tax residency for individuals, marking a pivotal update after 25 years. This ruling integrates insights from recent judicial decisions and is crucial for Australian expatriates, altering previous guidelines. This webinar aims to assist participants in understanding essential aspects concerning their tax responsibilities while working in Asia and how to minimize future tax liabilities in Australia. <EVENT DETAILS> Date: Thursday, May 16, 2024 Time: 4 PM - 5 PM Format: Zoom webinar Cost: Free RSVP: https://lnkd.in/gaxmA-PW

[News] CJ CheilJedang Corp., a South Korean food company, has launched its frozen gimbap products in Australia via Woolworths, the country's largest retailer. This marks the first time the company's gimbap, featuring varieties like beef bulgogi and chamchimayo (tuna and mayonnaise), is sold through a major distribution channel in Australia. Previously, in March last year, CJ CheilJedang introduced frozen gimbap in Japan, where over 1.5 million rolls were sold in the first year. To read more: https://lnkd.in/gS8vsJfu

Business Delegation and Site Tour of POSCO Pohang Steelworks' AustCham Korea invites Expressions of Interest (EOI) for its upcoming 'Business Delegation and Site Tour of POSCO Pohang Steelworks' scheduled for Wednesday, June 12, 2024. The POSCO Group purchases over A$7 billion worth of Australian resources annually, making it the largest single private customer of Australian exports. Given this, the delegation tour will provide attendees with an in-person perspective of the size and magnitude of POSCO’s operations while providing a platform for networking between industry and business leaders. The delegation will depart from Seoul and will include a luncheon followed by a site tour of the POSCO Pohang Steelworks. The event is expected to host approximately 12-15 senior representatives from the business and government sectors. Due to the limitation of attendees, priority will be given to tier-one members. We request that interested parties submit their Expression of Interest by May 23rd. For an Expression of Interest, please email events@austchamkorea.org.

[News] Effective 10 May 2024, Australia is raising the financial proof required for Student and Student Guardian visas to 75% of the national minimum wage. This update aims to reflect a more realistic cost of living for students, who are typically not in session for 25% of the year. This measure helps ensure that students can sustain themselves without financial distress, overworking, or risking exploitation. To read more: https://lnkd.in/grugghcP

[News] South Korea plans to tackle its low birth rate and aging population by enhancing childcare support and expanding policies for young adults. Measures include increasing government spending to assist families with child-rearing costs and providing more housing and job support for younger people. This initiative seeks to counter the declining workforce and support economic growth, as the country currently has one of the world's lowest birth rates. The government hopes these changes will encourage families to have more children and foster a supportive environment for future generations. To read more: https://lnkd.in/gaurS4p8

[News] Bibigo, a renowned name in Korean cuisine, has proudly unveiled its latest creation: a range of fresh kimchi sourced with Australian ingredients. Aiming to increase the freshness and sustainability of its ingredients, Bibigo plans to source a range of fresh produce including cabbage, radish, green onion and onions from local Australian farms for its Australian consumer base. To read more: https://lnkd.in/gr3RZT6w

[External Event] 2024 AKYPA Leadership Forum. The Australian Chamber of Commerce in Korea (AustCham Korea) proudly supports the upcoming Australia Korea Young Professionals Association - AKYPA Leadership Forum. As the event draws near, with less than a month remaining, applications for the 2024 Leadership Delegates are now open. Following the tremendous success of last year's forum, the 2024 edition has been expanded into a comprehensive two-day program scheduled for Friday, May 31, 2024, and Saturday, June 1, 2024. 📢 Eligibility Criteria: ✅ Must be a current AKYPA member (To join, visit: Join AKYPA) ✅ Young professionals aged 23 years and older ✅ Individuals currently engaged or interested in the Australia-Korea bilateral relationship ✅ Availability to attend both days of the forum ▶️ Apply Now - https://rb.gy/j4gx3l 🛑 Application Deadline: 6 PM, Friday, May 17, 2024 The forum is part of a committed effort under the Australia Korea Foundation grant to enhance and develop the bilateral relations between the two countries, particularly among young professionals. Details regarding the program and keynote speakers will be announced shortly. For questions or sponsorship opportunities, please contact admin@akypa.org.au. Participants are invited to deepen their understanding of the Australia-Korea partnership and to establish valuable connections within this dynamic field. 🌐🤝 #AKYPA2024 #Leadership #AustChamKorea #ProfessionalDevelopment #AustraliaKoreaRelations