November 22, 2024

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Posco Group Chairman Chang In-hwa (right), who doubles as the head of the Korea-Australia Business Council, and Martin Ferguson, chairman of the Australia-Korea Business Council, pose during the 45th AKBC-KABC joint meeting held in Perth, Australia, on Monday. (Posco Holdings)

Posco Group Chairman Chang In-hwa, who also serves as the head of the Korea-Australia Business Council, emphasized the need to strengthen economic relations between South Korea and Australia, particularly in the areas of natural resources, eco-friendly materials and infrastructure.

“South Korea and Australia have been collaborating to pioneer future green development, which includes advancing eco-friendly materials and infrastructure beyond traditional resource cooperation in minerals and energy,” Chang said during his opening remarks at the 45th AKBC-KABC joint meeting in Perth, Australia, Monday.

“I hope that closer economic cooperation will enable both nations to enhance their competitiveness and seize greater opportunities in the global market,” he added.

The Korea-Australia Business Council and the Australia-Korea Business Council, based in Korea and Australia respectively, are private-sector organizations established in 1978 to promote bilateral trade and investment between the two countries.

The annual meeting was attended by over 250 participants from the political and business sectors of both countries, including Korea’s Trade Minister Cheong In-kyo; Korean Ambassador to Australia Sim Seung-seob; AKBC Chairman Martin Ferguson; Australia’s Trade and Tourism Minister Don Farrell; Western Australia Premier Roger Cook; and Australian Ambassador to Korea Jeff Robinson.

Discussions at the meeting focused on potential collaborative measures between the two countries in five key areas: critical mineral supply chains, artificial intelligence, defense and aerospace, food and infrastructure and clean energy.

Since the early 1980s, Posco Group has expanded its cooperation with Australia as a key partner in securing critical minerals like iron ore, lithium and nickel. According to the company, Posco Group has invested approximately 4 trillion won ($2.98 billion) in resource development with Australian partners, and purchases over $7 billion worth of raw materials for steel from the country each year.

Posco Group said that it also plans to establish strategic partnerships in new business areas, such as graphite and rare earth elements, by exploring potential Australian partners.

During his visit, Chang will also meet with Kathleen Conlon, chair of Pilbara Minerals, to discuss stable lithium concentrate supply for their joint venture, Posco Pilbara Lithium Solutions, and explore further collaboration in the lithium industry.

By Hwang Joo-young (flylikekite@heraldcorp.com)