AustCham Korea

[Industry News] Samsung and Pilot Energy Join Forces for Future Clean Hydrogen in Australia. In a significant step towards advancing the global clean energy sector, SAMSUNG E&A is set to participate in the “Austrade CCUS” program organised by the Australian Government from 20th to 24th May. This initiative, in collaboration with various government agencies, will see the involvement of approximately ten domestic companies, including subsidiaries of Korea Electric Power Corporation (KEPCO) and major construction firms, aiming to bolster their engagement with clean hydrogen and Carbon Capture Utilisation and Storage (CCUS) technologies. Samsung E&A has been proactive in securing clean hydrogen and CCUS technologies, participating in numerous global projects. The programme will see these companies, including Samsung, focusing on introducing Australia's hydrogen projects and conducting site visits to local businesses. The engagement is anticipated to pave the way for further business expansions, particularly for Samsung C&T Corporation, which has been actively pursuing hydrogen business activities in Australia since last year. Among the Australian companies involved in this initiative is Pilot Energy Limited, a key player currently conducting oil field projects in the south-western region of Australia. Pilot Energy has ambitious plans to produce 1.2 million tonnes of clean ammonia annually from 2027. Their strategy involves leveraging existing oil field infrastructure to enhance cost competitiveness and pursuing MWPEC, seeking collaboration with Korean companies. Pilot Energy's involvement highlights the critical role of local companies in Australia's burgeoning hydrogen industry. The collaboration aims to explore hydrogen opportunities, with the potential for significant advancements in the hydrogen value chain sector. This initiative is aligned with Australia's active expansion of its hydrogen industry and mirrors the Korean Government's increased focus on clean hydrogen power generation and revised targets for hydrogen vehicle distribution.

[Member News] CONRAD SEOUL has recently renovated its 37 Bar. Conrad Seoul's 37 Bar, located on the hotel's top floor, has been reborn as a premium whiskey bar offering panoramic views of the Han River. It features over 200 premium whiskeys, including exclusive limited edition bottles like the Glenrothes 12-year-old, available only at Conrad Seoul. The rarest whiskey is the Ballantine’s 40-year-old, with only six bottles available in South Korea. The bar also includes private meeting rooms with secretive doors. 37 Bar operates Thursday to Saturday from 6 PM to 1 AM and until midnight on other days.

[Industry News] HD Hyundai Group has ascended to the 6th position in market capitalization among South Korean conglomerates, moving up from 8th place at the end of last year. This rise is attributed to the successful stock market listing of HD Hyundai Marine Solutions and the significant stock price increase of HD Hyundai Electric, driven by the expanding power infrastructure sector. To read more: https://lnkd.in/gxy6VUbA

[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