Chairman Chang said, “We must welcome a new stage of cooperation not only in resources such as minerals and energy, but also eco-friendly materials and infrastructure innovation…”

The chairman attended a dedication ceremony for Korean War Veterans Memorial Auditorium and expressed his gratitude for the noble sacrifices of war veterans.

On September 2, POSCO Group Chairman In-hwa Chang attended the 45th Joint Meeting of the Korea-Australia Business Council as a representative of Korea and sought the growth of future-oriented relations between the two countries.

The joint meeting of the Council, established in 1979, marked its 45th anniversary this year and has become a time-honored collaborative platform for the continuous and solid partnership of the two countries in the economic world, and more than 250 people from the political and economic circles of both countries attended this meeting.

In particular, this year marks the 10th anniversary of the Korea-Australia Free Trade Agreement (KAFTA), which has created a consensus between the governments and business communities of both countries and has added significance in that the Korea-Australia Business Council as well as KAFTA played a key role in elevating bilateral cooperation.

The POSCO Group’s Chairman as well as the Chairman of the Australia-Korea Business Council (AKBC) In-hwa Chang, the head of the Office of Trade Negotiations In-gyo Jeong, and the new Korean Ambassador to Australia Seung-seob Sim attended the meeting as Korea’s representatives. On the Australian side, attendees included Australia-Korea Business Council (AKBC) Chairman Martin Ferguson, Minister for Trade and Tourism Don Farrell, Western Australia Prime Minister Roger Cook, and Australian Ambassador to Korea Jeff Robinson.

In his opening address, Chairman Chang said, “Korea and Australia are participating in pioneering a clean future encompassing eco-friendly materials and infrastructure innovation beyond traditional resource cooperation in minerals and energy,” and added, “We anticipate that closer economic cooperation will help us secure greater competitiveness and opportunities in the global market.”

POSCO Group has been expanding cooperation in the area of resource development with Australia, an important partner in the supply chain of key minerals such as iron ore, lithium, and nickel, since the early 1980s, and cumulative investments up to the present amount to 4 trillion won. Furthermore, Korea is purchasing steel materials worth more than 7 billion dollars from Australia every year, which amounts to 70% of the total amount of raw material purchases.

In particular, amid the recent escalation of global geopolitical risks and “friend shoring,” in which friendly countries are uniting and building supply chains, POSCO Group plans to lead the economic and industrial growth of the two countries by further cementing trust with Australia, where cooperation in resource development has been ongoing for several decades.

In the joint meeting this year, the two countries discussed cooperation measures in five areas: key mineral supply chain, AI and Startups, defense/aerospace, food and infrastructure, and clean energy.

On September 3 and 4, Chairman Chang will have one-on-one talks with Australian government officials including Minister for Trade and Tourism Don Farrell, Minister for Resources Madeleine King, and Western Australia Prime Minister Roger Cook, as well as the top management of major corporations.

Chairman Chang plans to share POSCO Group’s vision with the Australian government and request its unsparing support so that the group’s key businesses, such as an HBI project being carried out in Australia, lithium for secondary cell materials, and graphite, can proceed smoothly.

In addition, he plans to meet with Chairman Kathleen Conlon of Pilbara Minerals and ask for the stable supply of lithium concentrate to POSCO Pilbara Lithium Solution, a joint venture of the two companies, and plans to discuss plans for expanding cooperation in the lithium business.

Then, on September 4, he is expected to attend a dedication ceremony for the Korean War Veterans Memorial Auditorium built in a joint sponsorship with Roy Hill, an Australian raw material partner, and express his gratitude for the noble sacrifices of Australian war veterans. The memorial auditorium was built to permanently commemorate the value of peace and solidarity attained by overcoming the pain of war.

POSCO Group has established a cooperative relationship with Australia not only in steel materials but also future business areas such as HBI, hydrogen, and lithium, and plans to build a strategic partnership while continuously having exchanges with potential Australian partners in new business areas including graphite and rare earth elements.

▲In-hwa Chang, Chairman of the Korea-Australia Business Council (KABC) (POSCO Group Chairman)(right) and Martin Ferguson, Chairman of the Australia-Korea Business Council (AKBC).

In the opening speech, CEO Kwon remarked, “As global economic conditions are rapidly changing, our two countries must work together to expand our cooperative relationship,” and emphasized the protection of free trade and reinforced complementary cooperation between the two countries.

At the general meeting, the panelists of the two countries discussed industries with potential for bilateral cooperation including investment, resources and infrastructure, the 4th Industrial Revolution, and food and agro-livestock.

In particular, the panelists discussed ways to uncover new industries in line with the 4th Industrial Revolution, methods of treating energy waste, and joint development of the health and food industries, and current global issues.

The Korean delegation to this annual meeting consisted of over 50 people, including CEO Kwon, Chairman of SM Group Oh-hyun Woo, GS E&C President & CEO Sang-gi Lee and Lotte International Senior Managing Director Gi-ho Jeong. The Korean council members attended the joint meeting, and visited the Startup Precinct in the outskirts of Brisbane, and discussed the venture firms and start-up ecosystem of Australia.

The AKBC is the only private economic consultative organization of the two countries. It has been promoting bilateral cooperation between the two countries for about 40 years since its establishment in 1979.

Photo cover courtesy of Federation of Korean Industries.