Australia Korea

 

 

 

 

 

 

Australia Korea

 

 

Korea Australia

Australia's relationship with Korea (South) is a very strong trading relationship. Korea is deemed as Australia's fourth largest and most lucrative trading partner. The Australia Korean trade produced the third biggest export market during the years of 2004-2005.
 

Bilateral trade for both countries expanded by a considerable margin- around 10 per cent during the last couple of years. Another striking fact is the complementarities of both countries trade economics. Australia's trade strengths lie in raw materials, energy, as well as sophisticated manufactures/ products and services.

 

These go hand in hand with Korea's strengths in the areas of research and development, heavy industry and mass production. Australia’s export to Korea of iron ore, for example, is utilized to manufacture steel which is later employed in the production of Korean automobiles and other electronics goods. The finished products are then exported all around the global market.

 

 

To quote former South Korean President Roh Moo-hyun, “Australian raw materials want to 'come home' from Korea in the form of finished products”.

Some Korean companies such as POSCO purchase and obtain more than 50 percent of its raw materials from Australia. It is also counted (POSCO) as Australia's leading corporate customer.

 

 

Australia Korea

From the Australian side, the North West Shelf Australian LNG conglomerate secured a US$1 billion agreement with the South Korea government last 2003.Australia's Macquarie Bank holds a major share in Korea.

The bank employs more or less 300 Korean employees in Australia.

 

It pioneered Korea's first private infrastructure road fund and manages several joint ventures with other Korean banks. South Korean companies have flourished in Australia – Korea relationships with each country experiencing growth. Electronic company LG has developed to become Australia's leading electronics brand. Other electronic brands such as Hyundai, Samsung, Kia and Daewoo have become household names.

 

Korea is developing a name in Australia for innovation and high quality technology. Trade in services has become a key factor of the link.
 

Tourism and education were both in Australia's top ten exports to Korea in 2004. Australia has just placed third in the rankings of the world's top universities and Australian cities rate as the most livable in the world.

 

A recent global survey rates Australia 'the world's friendliest nation'. Australia's e-visa program has made travel from Australia to Korea and vise versa easier.

Korean travel agents can apply for visas for their customers electronically with a program called working holiday maker program allows young Korean travelers to work in Australia during their stay. In line with the vitality of the economic relationship, political engagement between the two countries is strong.

Australian Korea
 

Australia and Korea hold annual foreign minister talks as well as annual trade minister talks. The Korean and Australian defense ministers have also undertaken reciprocal visits. Engagement of this type is important to build the personal relationships that bind our countries closer together. The trading relationship is very strong. The political relationship is strong. But what is just as important is our ability to work together to advance our shared interests and values.

By recognizing what Australia and South Korea have in common, acknowledging both countries’ values and interests that they both share, a stronger groundwork for the future of the relationship is established.
 

 

 

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