South Korea, Australia Deepen AI, Minerals Ties
The Korea Trade-Investment Promotion Agency, or KOTRA, held a regular consultation meeting with the Australian Trade and Investment Commission, Austrade, in Sydney, Australia, on Nov. 5 and discussed ways to cooperate in artificial intelligence, or AI, and advanced industry supply chains.Australia i
On November 5, 2023, the Korea Trade-Investment Promotion Agency (KOTRA) held a consultation meeting in Sydney, Australia with the Australian Trade and Investment Commission (Austrade). The meeting aimed to explore cooperation in artificial intelligence (AI), advanced industry supply chains, and core minerals. South Korea and Australia have maintained a complementary economic partnership, with the former exporting petroleum products, automobiles, and information and communications products to the latter while receiving energy and mineral resources.
This meeting was significant as it marked the resumption of full-scale joint projects in advanced industries, 18 years after the last regular consultation in 2008. The two organizations had revised their memorandum of understanding (MOU) earlier this year, prompting the meeting. Australia's abundant renewable energy and available land make it an attractive investment destination for large-scale data centers, while South Korea's competitiveness in semiconductors and advanced manufacturing presents a complementary strength.
During the meeting, KOTRA identified specific areas for cooperation, including data center equipment, cybersecurity, and industrial AI, which could leverage Australia's renewable energy and South Korea's semiconductor capabilities. The two sides also discussed expanding cooperation in the core minerals sector, with Australia being a global supplier of resources and South Korea a major demand source in battery and semiconductor industries.
They proposed cooperation centered on information sharing, joint projects, and resolving challenges faced by companies operating abroad.
Austrade encouraged South Korean business delegations to participate in specialized technology exchange exhibitions in Australia, such as the National Tech Summit and Data Centre World, to further broaden cooperation opportunities. In the supply chain sector, KOTRA emphasized the need to strengthen linkages between Australian core mineral suppliers and domestic demand companies, and to pursue joint cooperation projects at InterBattery 2027, South Korea's largest battery exhibition, to be held in Seoul the following year.
KOTRA President and CEO Kang Kyung-sung emphasized the importance of the renewed consultation meeting in expanding cooperation opportunities between companies in both countries in AI, advanced industries, and economic security, including core minerals.
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