Minister for Resources and Northern Australia Madeleine King is set to visit Japan and the Republic of Korea to boost investment in Australian resources projects and strengthen Australia’s export ties.
Minister King will utilise the trip to meet with Japan’s newly appointed Minister of Economy, Trade and Industry, Ken Saito, and the Republic of Korea’s recently appointed Minister of Trade, Industry, and Energy, Duk-geun Ahn.
Additionally, the Minister will meet with executives from major Japanese industries and utilities, including significant buyers of Australian resources and large investors in the Australian resources and energy sectors.
“I look forward to meeting Minister Saito in Tokyo and Minister Ahn in Seoul, and to reinforce Australia’s role as a stable and reliable export partner,” Minister King said.
According to her, Australia is committed to supporting Japan and the Republic of Korea’s resources and energy sector, as they have long supported Australia’s resources and energy sector.
“My visit is a great opportunity to promote investment and support for Australia’s growing critical minerals sector, which is responsibly and reliably producing key minerals needed for clean energy technologies that are essential to help lower emissions and meet climate goals,” she stated.
“I will also thank the governments of Japan and the ROK, as well as industry leaders, for their engagement on Australia’s Future Gas Strategy, which is working to provide an evidence base for the future gas needs of Australia and our export partners.”
Japan and Korea are Australia’s second and third major export markets for resources and energy, respectively. Both countries also offer significant foreign investment, resulting in thousands of employment in Australian resources and offshore gas projects.
In 2022-23, Australian resources and energy exports to Japan, including LNG, iron ore, and coal, amounted to $99 billion, while total Japanese investment in Australia reached $259 billion.
Meanwhile, the Republic of Korea’s resources and energy exports, including iron ore, LNG, and coal, amounted to $47.5 billion in 2022, while ROK investment in Australia reached $28.1 billion.
Minister King emphasised Australia’s minerals sector’s potential to support Japan and the Republic of Korea in decarbonising their economies and diversifying supply chains for materials for electric vehicles and high-tech devices.
Australia and Japan have formed the Japan-Australia Critical Minerals Partnership, which reaffirms their shared commitment to reliable critical mineral supply.
On the other hand, Australia and the Republic of Korea have signed a Memorandum of Understanding to collaborate on developing robust and commercially viable critical minerals supply chains.
