AKBC E-NEWSLETTER OCTOBER
Australia-Korea Business Council
A national body enhancing the Australia-Korea bilateral trade and investment relationship.
Catch up on the month and find out what's been making news in Australia-Korea bilateral trade, keep up-to-date with AKBC events, and access insightful information by reading our October e-Newsletter edition.
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AKBC - E-NEWSLETTER OCTOBER
Dear AKBC Subscribers,
Unfamiliarity.
The root cause of missed opportunities between the Australia and Korea relationship lies in significantly in our limited understanding of each other's cultures, business practices, and societal norms. Despite being robust trading partners, both nations are missing out on the immense potential that could be unlocked through deeper and more widespread interactions. The essence of doing business in Korea hinges on the foundation of trust and personal connections, a concept central to Korean corporate culture known as '인간관계' (ingangwangye), which emphasises interpersonal relationships. Recognising this, people-to-people connections have been rightly prioritised as one of the three pillars of the Comprehensive Strategic Partnership between our countries.
The lack of extensive people-to-people relationships between Australians and Koreans is a significant barrier. In Korea, business decisions and partnerships are frequently cultivated in social settings, where mutual trust and understanding are developed over time. This approach contrasts with sometimes what can be a more transactional approach in Australian business practices. Australia and Korea must both invest in face-to-face engagements and prolonged exposure to each other’s cultures to bridge this gap. Initiatives like the New Colombo Plan play a pivotal role here, enhancing understanding through student exchanges that build long-term professional and cultural ties.
To this end, the AKBC is committed to facilitating networking opportunities, business delegations, and partnerships. These initiatives go beyond mere formal engagements; they are vital investments in building the long-term relationships necessary for successful business collaborations. To truly benefit from these opportunities, Australian businesses must carve out the required budget to travel to Korea regularly and take a long-term view of these relationships, remaining patient as they develop. The significance of business delegations and conferences thus cannot be overstated, as these provide practical platforms for direct interaction and network building.
We look forward to deepening our engagement and continuing to foster people-to-people links to pave the way for further success and cooperation between our two nations.
Sincerely,
Liz Griffin
CEO
Australia-Korea Business Council
Australia-Korea Business Council Annual General Meeting
Date: Wednesday 6 November 2024
Time: 12.00PM - 1.00PM
Location: Level 5, International Chamber House, 121 Exhibition St, Melbourne VIC 3000 or online
You must be an AKBC member to attend the AGM. Please see below to register to either attend in person, or online. Registration closes on 1 November 2024.
Australia-Korea Superannuation and Pension Symposium 2024: Current Trends, Challenges and Opportunities
Date: 28 – 29 November 2024
Location: Room ELI 122, University of Newcastle, Sydney Campus,
55 Elizabeth St, Sydney NSW 2000
Cost: Free
Newcastle Business School is hosting a symposium centred around Australia-Korea superannuation/retirement pension markets and regulations, in partnership with the Australia Korea Business Council(AKBC). The symposium will feature presentations and in-depth discussions involving industry experts and academics from Australia and Korea. Key topics encompass market outlooks for both nations, addressing regulatory challenges and prospects, and identifying investment opportunities in personal retirement funding, superannuation, and related fields.
John Walker AM, the Chair of AKBC Financial Services Sub-Committee and Liz Griffin, AKBC CEO will speak at the symposium and it would provide a great opportunity to engage with the NPS and KOFIA delegation from Korea.
Australia-Korea IMARC Speed Networking Event
The Australia-Korea IMARC Speed Networking event, held in conjunction with the Embassy of the Republic of Korea in Australia, was a great success. Forty attendees from both Australia and Korea participated in this structured networking event, which allowed all attendees to network one-on-one with stakeholders from the counterpart country.
IMARC - Insights and Investments from Korea: Partnerships, Opportunities, and Challenges
As part of IMARC, AKBC led a panel discussion on the theme of “Insights and Investments from Korea: Partnerships, Opportunities, and Challenges.”
This panel discussion was led by Liz Griffin, CEO of the Australia-Korea Business Council, with panellists including Darryl Cuzzubbo, CEO & Managing Director of Arafura Rare Earths, Andrew Lee, WA Representative, LG E&S Australia and Joon Heo, Senior Advisor - Energy and Infrastructure, Embassy of the Republic of Korea in Australia.
Recommended by LinkedIn
Chairman Hon. Martin Ferguson AM meets the Korean National Assembly Members
On 30 October, AKBC Chairman Hon. Martin Ferguson AM met with four parliamentarians from the Republic of Korea to discuss the current and future opportunities between Australia and Korea. The current opportunities and projects between the two countries especially in Critical Minerals, Education, Energy and Defence were discussed.
The 10th anniversary of KAFTA marks a significant milestone between the two countries, with a diverse range of emerging opportunities arising in sectors such as biomedical and biochemical technology, downstream processing, R&D, secondary batteries, CCS and telecommunication.
2024 Pitch Your Korea Contest
On 18 October, AKBC Project Manager Jenny participated as a judge in the 2024 Pitch Your Korea Contest organised by the University of Melbourne Asia Institute. The finalists shared creative ideas to promote understanding of Korea and Korean culture in Australia.
The Australia-Korea relationship has grown immensely over the last two decades. Korea is now Australia’s 3rd largest trading partner, while Australia ranks as Korea’s 5th largest trading partner. Building strong people-to-people connections is important for fostering understanding and collaboration for the long-standing bilateral relationship.
North Asia Key Influencer Workshop 2024
On 22 October, the AKBC team attended the North Asia Key Influencer Workshop at Study Victoria where a representative from the Victorian state government presented on the current state of Australian universities and TAFEs. This workshop was attended by a delegation from Korea and Japan, alongside Korean and Japanese students studying at Monash University and the University of Melbourne.
The AKBC regularly delivers high-level strategic briefings and training for senior industry and government executives prior to their travel to Korea, ensuring comprehensive preparation on the latest market trends and business insights, thereby optimising their engagement and success in the Korean market. Meticulously designed, these sessions are delivered by professionals with several decades of experience working and living in Korea, and are aimed to deliver insights into the industry dynamics, latest political updates and business practices to ensure that executives are thoroughly prepared with the knowledge necessary to navigate the complexities of the Korean business landscape.
Contact us at info@akbc.com.au to learn more about these bespoke briefings, and to ensure your executives are positioned to maximise their strategic objectives and achieve positive outcomes during their time in Korea.
Word of the Month: 아파트 AH-PA-TU
Korean word for apartment, recently also known as the name of a popular Korean drinking game as mentioned in the new song 'APT' by Rosé from Blackpink and Bruno Mars.
저 아파트에서 살아요. Jeo ahpatuesuh sarayo.
I live in an apartment.
For the latest information and insights relating to the Australia-Korea bilateral relationship, please follow us on LinkedIn.
Our AKBC members are given access to regular events, boardroom briefings, and the opportunity to create and foster bilateral relationships with Korea.
We provide our members with the opportunity to establish a valuable connection with our network within Korea, promoting two-way trade and investment.
We assist you with a Korean market engagement strategy, providing cultural training, reports, and preliminary analysis, positioning your business to take informed steps to maximise commercial success within Korea.
About the AKBC
Chaired by Hon Martin Ferguson AM and led by an Executive Committee of outstanding industry and government leaders, the Australia-Korea Business Council is a member-based organisation of senior executives from a diverse range of business sectors with a commercial interest in Korea. AKBC is a proactive, results-driven organisation supporting the commercial success of Australian businesses in the Korean market and Korean businesses in the Australian market.
If you have any questions or would like to know more, please contact the Australia-Korea Business Council at info@akbc.com.au.