Business Envoy February 2022
Partnering with Korea on clean energy technology and critical minerals
Heralding a new era in Australia-Korea relations, the new Comprehensive Strategic Partnership (CSP) announced by leaders in December will generate opportunities for business, drive practical cooperation and innovation.
The CSP was announced during President Moon Jae-in's December 2021 visit to Australia to mark the 60th anniversary of diplomatic relations. His visit highlighted funding announcements of up to $100 million to support initiatives under the Low and Zero Emissions Technology Partnership, enhancing opportunities for industry-led projects in technologies like clean hydrogen, low emissions iron ore and steel, and carbon capture and storage.
Through the partnership, the Republic of Korea will support research on hydrogen supply chains between Korean and Australian companies.
Critical minerals present one of the most promising areas for future cooperation between Australia and Korea. Australia and Korea have also signed an MOU on critical minerals that will drive stronger links between our private sectors and bolster supply chain resilience.
In 2020, Korea was Australia's fourth largest two-way trading partner and export market, primarily underpinned by energy, resources and agriculture.
Our two countries share the ambition of advancing the development and commercialisation of low and zero emissions technologies so they can achieve cost parity with high-emitting technologies as soon as possible.
Angus Taylor, Minister for Industry, Energy and Emissions Reduction