Korea-NSW business forum
4 September 2018
More than 120 NSW and Korean business representatives attended the 2018 Korea-NSW Business Forum in Sydney today to build the business and trading relationships between NSW and the Republic of Korea.
The forum was hosted by the Consulate-General of the Republic of Korea in partnership with the NSW Department of Industry, Korea Trade-Investment Promotion Agency (KOTRA) and the Australia Korea Business Council (AKBC).
It aimed to reinforce the strengths of the NSW and Republic of Korea bilateral relationship, emphasise the significance of the Republic of Korea as a priority market for the NSW Government, and promote key business and investment opportunities in NSW to the Korean business community.
Parliamentary Secretary to the Premier and Treasurer Jonathan O’Dea MP attended the forum and spoke about the strong relationship between NSW and the Republic of Korea, its third largest export partner.
'NSW and South Korea have had a mutually beneficial commercial relationship for many decades,' Mr O’Dea said.
'The merchandise trade between NSW and South Korea today is worth $9.5 billion annually and continues to rise.
'Although coal has been our key export, most recently we have also seen our exports of wine and spirits soaring in line with demand from consumers in Korea.'
The forum followed a strong program of engagement between the NSW Government and the Korean business community, including the Western Sydney Airport ‘Aerotropolis Investor Forum’ in May 2018 attended by senior representatives of Woori Bank, Samsung C&T, GS Engineering and Construction, and the Consul-General of the Republic of Korea.
Last November, Department of Industry representatives highlighted investment opportunities in NSW’s renewable energy sector at a Korea-NSW Business Networking Event and the Premier’s mission to the Republic of Korea in August 2017 promoted trade and investment opportunities in focus sectors of infrastructure, financial services and innovation.
Since 1991, NSW has had a Sister State Agreement with the Seoul Metropolitan Government and Korean companies are active participants in NSW infrastructure and mining projects.
Samsung C&T is part of the successful consortium to construct Stage 3 of WestConnex; Hyundai Rotem was the successful bidder to build a new fleet of intercity trains; and Korea Development Bank, KEB Hana, Woori Bank and Shinhan Bank are debt financiers in Stage 2 of WestConnex and the new Grafton Correction Centre.
Mr O’Dea welcomed interest and participation in the aerotropolis and the surrounding, supportive infrastructure from investors, particularly from the Republic of Korea.
'We welcome more Korean innovation, experience and expert solutions in delivering on our infrastructure pipeline,' Mr O’Dea said.
'Given the high quality of infrastructure within Korea we seek to emulate the best aspects of your experience.'