Australia – Republic of Korea M.O.U. further strengthens minerals cooperation

The Memorandum of Understanding on Cooperation in Critical Mineral Supply Chains announced today between Australia and the Republic of Korea will further strengthen cooperation in resources and energy, building on previous commitments between the two nations.

Opportunities for cooperation on technologies, trade and investment are increasingly built on the longstanding trade and investment relationships between strategic partners.

It recognises the opportunity presented where governments and investors work together to deliver an integrated approach to supply chain security.

The level of investment between Australia and the Republic of Korea is growing.

Republic of Korea investment in Australia has risen from $12.8 billion in 2011 to $32.7 billion in 2020.

Major Republic of Korea investments in Australia are concentrated in the resources sector.

The nations are close partners with a strong bilateral relationship underpinned by trade, shared regional strategic interests and strong people-to-people links.

The Republic of Korea is Australia’s fourth-largest trading partner and fourth-largest export market in 2020, accounting for A$34.9 billion or 4.4 per cent of all of Australia’s international trade. Australia’s major exports include iron ore and coal.

A responsible minerals sector is not only important in providing the prosperity crucial to Australia’s post-COVID recovery, it is also helping to sustain and improve the lives of millions around the world while providing the critical raw materials necessary for modern and emerging economies to flourish in a decarbonised future.

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