Australia-Korea: Strengthened Economic Partnership
Introduction
During his visit to Korea in May 2000, Prime Minister Howard discussed with President Kim Dae-jung the possibility of exploring the scope for expanding trade and investment links between Australia and Korea. Subsequently the Korean and Australian Trade Ministers agreed to initiate studies on measures to strengthen the bilateral economic relationship.
This study, sponsored by the Australia-Korea Foundation (AKF), identifies ways of strengthening the economic partnership between Australia and Korea.
An initial study was completed on 30 April 2001. The initial study:
(i) examined economic, commercial and industrial trends and policies in Korea (with particular emphasis on services, high technology and new economy/knowledge based economy (KBE) sectors and investment) current, and in prospect over the next 3-5 years;
(ii) assessed the impact of these trends on Australia’s existing trade/commercial links with Korea and the opportunity for enhanced bilateral commercial engagement; and
(iii) identified for further study a small number of areas/market sectors where Government action might assist in broadening the basis of mutually beneficial bilateral economic activity.
This study was completed in August 2001. A similar study is being sponsored by the Korean Government.
The study involved discussions with three types of businesses:
(i) those that are currently engaged in trade with Korea;
(ii) those that have ceased trading with Korea; and
(iii) those that are perceived to be potential trading partners.
There have also been a number of visits to Korea for discussions with Korean Government and business people.
The conversion rate used in this report is $A1.00 equals 600 Won.
The authors of this study are:
- Michael Porter of Tasman Asia Pacific. He is also a director of the Investment Banking Group of Macquarie Bank and has been a Professor of Economics at leading universities such as Monash, Yale and Stanford. Dr Porter has led a number of major studies on infrastructure and trade in Asia for the World Bank, AusAID, the Asian Development Bank and State and Federal Governments in Australia.
- Steve Doszpot of Duesburys Strategic Connections, a division of Duesburys Chartered Accountants. Mr Doszpot is a private sector businessman who provides national and international marketing support and advice to government and business enterprises in Canberra. He was a major participant in the organisation of the Australia Today Indonesia ’94 project.
- Ron Maxwell of Maxwell and Druce International Pty Ltd. Mr Maxwell has over 30 years experience in the Federal Government, primarily in the trade portfolios. He has been a consultant for the past 10 years providing advice on international business development issues to Australian and international governments and businesses.
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