July Report
AustCham Korea
Welcome to AustCham Korea, the peak body representing Australian and Korean business interests
The Australian Chamber of Commerce in Korea hosts Business Breakfast for the Premier of New South Wales, the Honourable Dominic Perrottet MP
On Monday, 25th of July, the Australian Chamber of Commerce in Korea (AustCham Korea) co-hosted a business breakfast for the Premier of New South Wales (NSW), the Honourable Dominic Perrottet MP, at the Grand Hyatt Seoul.
The Premier’s trade mission, which included visits to Japan, India and Korea, was the first overseas visit for Premier Perrottet in his capacity as the state’s leader, and the first overseas visit for a NSW Premier since the pandemic forced international border closures.
During the Business Breakfast event, which was attended by more than one hundred senior business representatives, the Premier highlighted the importance of South Korea to NSW and further provided an economic update for the state for the government and corporate stakeholders present, including AustCham Korea.
AustCham Korea Chairman and Business Breakfast emcee, Mr Ross Gregory, noted “this event provided an important platform for the Premier to speak with industry leaders from the Chamber and the broader Australia-Korea business community.” The premier was able to highlight NSW’s strong and resilient economy and deliver an important message that NSW is open for business.
At more than half-a-trillion Australian dollars, NSW is Australia’s largest economy, accounting for around a third of the nation’s economic output, and is home to nearly a third of Australians. South Korea is now NSW’s third largest merchandise export market and fourth largest two-way merchandise trading partner, reaching $3.9 billion and $8.1 billion, respectively in 2020-21.
The importance of the Premier’s visit is reflected in NSW and Australia’s commitment in attracting foreign direct investment, which totalled $AUD 8 billion at the end of 2020, dominated largely by natural resources and infrastructure, although Korean businesses continue to explore opportunities to diversify their investment portfolios.
Read more here.
AustCham Executive Director Visits Coles HQ
On Tuesday, July 9, Rowan Petz, the Executive Director of AustCham Korea, visited Coles Headquarters in Melbourne, Australia.
There, Mr Petz was met by Chris Warry, Head of Fresh Food Exports, and Ran Hu, Export Category Manager, and virtually joined by Ms Yuki Qian, Senior Category Manager, and Ms Mia Hong, CEO of AustCham Korea member Mia Trading.
The meeting provided Mr Petz the chance to discuss how AustCham Korea is assisting Australian companies in entering the Korean market, and highlight certain trends that could be leveraged by food and beverage exporters. Given the Chamber’s work with Mia Trading, AustCham is proud to be showcasing Coles lamb at their upcoming Taste of Australia event on the 7th of October at the Millennium Hilton Seoul.
This meeting was organised off the tail end of Mr Warry, Ms Qian and Mr Hu’s recent trip to Seoul, where they met with the AustCham team in-office in South Korea.
AustCham Korea looks forward to working with Coles as they seek to expand their product range into the SK market.
Save the Date: Taste of Australia 2.0
After the success of the first event, AustCham Korea is thrilled to be hosting the second round of Taste of Australia on Friday evening, October 7, in the Grand Ballroom of the Millennium Hilton Seoul.
Set to be on a much larger scale than the first event, Taste of Australia 2.0 will feature a showcase of Australian food, beverage and produce. Save the date!
When: Friday, October 7, 2022
Where: Millennium Hilton Seoul, Grand Ballroom
NSW Premier Meets POSCO Chairman
NSW Premier Hon. Dominic Perrottet met the POSCO Chairman Choi Jeong-Woo Meets as part of the South Korean leg of his 10-day Asian trade tour. Both POSCO and NSW have been focusing on hydrogen recently, and this was said to have been the main topic of discussion at the meeting.
Premier Perrottet said on Twitter on the 26th, “A pleasure to meet with KABC Chairman and POSCO CEO Mr Jeong-Woo Choi in Seoul to announce the NSW Govt’s major sponsorship of the 43rd Australia-Korea Business Council Joint Meeting being held in Sydney in Nov and reaffirm this important strategic partnership.”
Premier Perrottet also met with Hyundai Motor and Hyundai Engineering, with a focus on Hydrogen. NSW has actively sought to attract Korean companies to invest in hydrogen, which can be seen through the subsequent meetings with POSCO following Hyundai.
POSCO announced its vision of becoming "a leading green hydrogen company driving the hydrogen economy" in 2020 and declared the establishment of a 5 million ton production system by 2050. It has joined forces with Australian iron ore company Fortescue Metal Group (FMG) and Danish multinational power company Ørsted, and is also developing a hydrogen reduction steel construction method with zero carbon emissions.
Global Mining Executive Ms Rowena Smith Appointed ASM CEO
Global mining executive Ms Rowena Smith has been appointed as Chief Executive Officer of AustCham Korea's Silver Sponsor ASM, after former Managing Director, Mr David Woodall stepped down.
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Ms Smith has been ASM’s Chief Operating Officer since joining the company in 2021. During this time she has led ASM’s critical minerals and rare earths Dubbo Project team, and overseen the construction and commissioning of ASM’s first high purity metals plant in Korea.
In announcing Ms Smith’s appointment, ASM Chair Mr Ian Gandel said, “The Board is delighted to appoint Ms Smith as CEO. She has demonstrated she is a highly capable leader, with extensive experience and an impressive track record in the mining sector.”
“The Board has confidence Ms Smith’s appointment will deliver a seamless leadership transition, enabling ASM to continue to focus on delivering its mine-to-metals strategy.“
Ms Smith said she was thrilled to accept the CEO role at such a crucial time for ASM and the global critical metals industry, "I am excited to be taking up the leadership of ASM through this next phase of its development, particularly as we seek to progress our Dubbo Project and supply industry with the high-tech metals vital for a sustainable energy future."
“This is a crucial time for our industry, and for Australia, to claim its place on the world stage with critical minerals and rare earths projects like Dubbo, which can offer quality and reliable, supply alternatives to a currently heavily monopolised and unstable global market.”
“I look forward to leading the ASM team as CEO and taking the next steps in our journey together.”
Ms Smith has almost 30 years of global mining experience in various senior roles including strategy, commercial, operations and ESG. Prior to joining ASM, Ms Smith was South32’s Chief Sustainability Officer and Vice President Supply, leading teams across Australia, South Africa, Mozambique, Colombia and the United States.
Ms Smith has also held roles with Rio Tinto and BHP for Nickel West, including as Head of Resource Planning & Development and Projects, Manager Strategy and Acquisitions, and General Manager Kwinana Nickel Refinery.
AustCham Korea congratulates Ms Smith on her appointment to the roll and hopes to continue to work closely with both her and ASM.
POSCO International Posts Record-Highs in Q2 Performance
Congratulations to AustCham Korea Gold Sponsor POSCO International for record-highs in Q2 performance.
POSCO International posted a record-high performance in the second quarter this year, announcing an operating profit of 320.6 billion won ($245.1 million), an on-year increase of 88.6 percent.
Sales by POSCO International in the second quarter were 11.7 trillion won, up 29.9 percent on year. Net profit rose 86.8 percent to 235.9 billion won.
With these numbers, operating profit, sales and net profit for POSCO International are all record highs for the company, with operating profit far exceeding the previous record of 216 billion won and the market consensus of 230 billion won set in the first quarter of this year.
Read more here.
Exciting Plans in 2022 for Four Seasons Hotel Seoul
On Friday, June 22, the AustCham Korea team had the opportunity to catch up with representatives of our member, the Four Seasons Hotel Seoul. During the meeting, both teams were able to brainstorm future events and solidify some exciting projects for the remainder of 2022.
Through the vast glass windows of its 29 stories – especially from floor 11 upwards and the 28th floor Executive Lounge – Four Seasons Hotel Seoul commands a watchful eye over some of the city’s most notable monuments: the sweeping roof of national landmark, Gwanghwamun, the largest gate of Gyeongbokgung Palace; the statue commemorating Sejong the Great, who came to the throne in 1418 and invented the Korean alphabet so that his subjects could learn to read and write; and the main royal palace of the Joseon Dynasty, Gyeongbokgung – an imposingly beautiful complex built in 1395. To ensure the Hotel complements its striking surrounds the exterior of the building has been designed to pay tribute to a traditional Korean house (han-ok).
Truly at the beating heart of it all, Four Seasons Hotel Seoul is located right by “Kilometer Zero”(the point from which all distances throughout the city are measured) and offers visitors a tantalising insight into the capital’s history, before they have even stepped outside the Hotel’s doors.
AustCham Korea looks forward to working closely with the Four Seasons Seoul for some fun events in 2022 and beyond.
Robert Walters Korea Wins National Service Awards 2022 in Global Recruitment Consulting Category
Congratulations to AustCham Korea member, Robert Walters Korea, for being awarded the Global Talent Recruitment Consulting Grand Prize at the ‘2022 National Service Awards’ for the second consecutive year in recognition of its commitment to provide high-quality specialist recruitment services. The ‘2022 the National Service Awards’ is organised by The Institute for Industrial Policy Studies and sponsored by Joongang Ilbo, the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups.
Robert Walters Korea received the Global Talent Recruitment Consulting Grand Prize for its efforts in invigorating the job market by providing tailored recruitment services, leading exemplary CSR activities, and constantly adapting to ever-changing market conditions.
Read more here.