- Expanding cooperation in core minerals, renewable energy, advanced technologies, and infrastructure
On October 30, the Korea Trade-Investment Promotion Agency (KOTRA), led by President Kang Kyung-sung, announced that it had signed a Memorandum of Understanding (MoU) with the Australian Trade and Investment Commission (Austrade), led by CEO Paul Grimes, at the APEC Economic Exhibition Centre in Gyeongju. The agreement establishes a framework for future industry cooperation between Korea and Australia.
Austrade is Australia’s official trade and investment promotion agency dedicated to facilitating international trade and attracting foreign investment.
Australia is a key partner for Korea in ensuring global supply chain stability. The country is rich in resources such as LNG, iron ore, lithium, nickel, cobalt, and rare earth elements, and is actively collaborating with Korean companies in the fields of hydrogen, wind and solar energy plant construction, and new power transmission networks. Cooperation is also expanding in defense industries, including exports of tracked armored vehicles, and in infrastructure development, such as railway projects.
This newly revised MOU marks the first comprehensive update in 37 years since the original signing in 1988. It establishes a renewed foundation for strengthening bilateral collaboration in future industries and enhancing supply chain resilience amid rapidly changing global trade dynamics.
The revised MOU centers on three main pillars: expansion of cooperation areas, diversification of joint activities, and resumption of regular consultations.
First, the scope of cooperation has been expanded to include renewable energy, hydrogen, critical minerals, infrastructure, defense and space, advanced manufacturing, healthcare and biotechnology, education, and agri-food industries. Through these areas, both countries expect to achieve tangible progress in clean energy transition, building resilient critical mineral supply chains, and developing joint projects in advanced technologies.
Second, the two agencies agreed to broaden the range of joint activities — such as trade and investment fairs, seminars, business missions, market research, and supply chain cooperation — to provide more practical support for business exchanges between Korean and Australian companies. Notably, the agreement also introduces new initiatives for joint market entry into third countries, particularly in Southeast Asia and the Indo-Pacific region.
Third, KOTRA and Austrade agreed to resume regular consultations, which had been suspended since 2008, by holding the next meeting in Australia in 2026, and to alternate hosting every two years thereafter. Additionally, both sides will institutionalize annual working-level meetings to review the implementation of the MOU and enhance the effectiveness of cooperation.
President Kang Kyung-sung of KOTRA stated, “This renewed agreement carries symbolic significance as it redefines the partnership between KOTRA and Austrade — which began over 30 years ago — with a focus on future industries. Reflecting the mutual needs identified during the APEC Summit, we aim to make this MOU a dynamic economic cooperation platform that drives practical collaboration between Korean and Australian companies.”
