Attendance at the Joint Meeting as Chair of the Korea-Australia Economic Cooperation Committee
Jang In-hwa, Chairman of POSCO Group, attended the '45th Korea-Australia Economic Cooperation Committee Joint Meeting' held on the 2nd in Perth, Australia.
Started in 1979 and marking its 45th session this year, the Korea-Australia Economic Cooperation Committee Joint Meeting has established itself as a historic cooperation platform that proves the continuous and solid partnership between the economies of the two countries. Approximately 250 participants from the political and business sectors of both countries attended this meeting.
Especially this year marks the 10th anniversary of the Korea-Australia Free Trade Agreement (KAFTA), adding significance as the two governments and business communities formed a consensus on how the Korea-Australia Economic Cooperation Committee has deeply contributed to elevating bilateral cooperation alongside KAFTA.
Representing Korea were Jang In-hwa, Chairman of POSCO Group and Chair of the Korea-Australia Business Cooperation Committee (KABC), Jung In-kyo, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, and Shim Seung-seop, the newly appointed Korean Ambassador to Australia. From Australia, attendees included Martin Ferguson, Chair of the Australia-Korea Business Cooperation Committee (AKBC), Don Farrell, Federal Minister for Trade and Tourism, Roger Cook, Premier of Western Australia, and Jeff Robinson, Australian Ambassador to Korea.
In his opening remarks, Chairman Jang stated, "Korea and Australia are now participating in pioneering a clean future that encompasses not only traditional resource cooperation such as minerals and energy but also eco-friendly materials and infrastructure innovation," adding, "We expect that through closer economic cooperation, the two countries will secure greater competitiveness and opportunities together in the global market."
Since the early 1980s, POSCO Group has expanded cooperation with Australia, a key partner country in the supply chain of essential minerals such as iron ore, lithium, and nickel, with cumulative investments reaching 4 trillion KRW to date. Additionally, POSCO purchases over 7 billion USD (approximately 9.366 trillion KRW) worth of steel raw materials annually from Australia, accounting for 70% of its total raw material purchases.
In particular, amid rising global geopolitical risks and the expansion of 'friend-shoring,' where allied countries build supply chains together, POSCO Group plans to further solidify trust with Australia, with which it has developed resource cooperation over decades, and lead the economic and industrial development of both countries.
At this year’s joint meeting, discussions were held on cooperation measures between the two countries in five key areas: critical mineral supply chains, artificial intelligence (AI) and startups, defense/aerospace, food and infrastructure, and clean energy.
Meanwhile, on the 3rd and 4th, Chairman Jang will strengthen economic cooperation between the two countries through successive meetings with Australian government officials such as Don Farrell, Federal Minister for Trade and Tourism, Madeleine King, Federal Minister for Resources, and Roger Cook, Premier of Western Australia, as well as top executives of major companies.
Chairman Jang plans to share POSCO Group’s vision with the Australian government and request unwavering support to ensure the smooth progress of the group’s core projects in Australia, including the HBI project and lithium and graphite for secondary battery materials.
He will also meet with Kathleen Conlon, Chair of the Board of Pilbara Minerals, to request a stable supply of lithium concentrate for POSCO Pilbara Lithium Solutions, a joint venture between the two companies, and discuss plans to expand future cooperation in the lithium business.
On the 4th, he will attend the completion ceremony of the ‘Korean War Veterans Memorial Performance Hall,’ jointly sponsored with Roy Hill, an Australian raw material partner, to express gratitude for the noble dedication of Australian war veterans. The memorial performance hall was built to permanently commemorate the values of peace and solidarity gained through overcoming the pains of war.
Meanwhile, POSCO Group is building cooperative relationships with Australia not only in steel raw materials but also in future business areas such as HBI, hydrogen, and lithium. The group also plans to continuously engage with potential Australian partners in new business fields such as graphite and rare earths to establish strategic partnerships.
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