Sydney: The Korea Trade-Investment Promotion Agency (KOTRA) announced the successful hosting of a business cooperation event aimed at enhancing collaboration between South Korean and Australian companies in the sectors of critical minerals, renewable energy, defense, and more.

According to Yonhap News Agency, the event took place in Sydney on Tuesday as part of a bilateral agreement between South Korea and Australia to strengthen their trade and defense relations. This agreement was established during a summit between the two countries' leaders on the sidelines of the Asia-Pacific Economic Cooperation (APEC) gathering in Korea in late October.

The event witnessed the participation of representatives from 35 Korean firms in the critical minerals, energy, and consumer goods sectors, along with 80 firms from Australia and New Zealand. It resulted in business deals valued at a combined US$7.69 million, as reported by KOTRA.

KOTRA noted that the Australian Trade and Investment Commission, known as Austrade, delivered a presentation on enhancing cooperation between Korea and Australia in the critical minerals and energy sectors. Austrade also highlighted existing cooperation projects between Australian and Korean firms, including POSCO International Corp. and Hanwha Energy Corp.

KOTRA President Kang Kyung-sung emphasized the growing importance of Australia's role as a strategic cooperation partner for Korea in the era of economic security. He stated in a press release that following the APEC gathering in Gyeongju, efforts will be made to expand Korea's economic cooperation with Australia to include clean energy, consumer goods, and other sectors beyond the existing collaboration in minerals, defense, and infrastructure.