Korean, Australian business leaders adopt joint statement on space, defense and advanced industry cooperation

Business leaders from South Korea and Australia have agreed to expand their cooperation beyond mineral resources into advanced industries including defense and space.

The Federation of Korean Industries and the Australia-Korea Business Council jointly held the 47th Korea-Australia Joint Business Council meeting at Adelaide Oval in Australia on Wednesday.

Marking the 65th anniversary of diplomatic ties between the two countries, business leaders from both sides issued a joint statement calling for stronger cooperation in future core advanced industries, going beyond the traditional focus on resources and trade.

The two sides agreed to expand cooperation in AI, data centers and space, as well as in advanced defense sectors linked to AUKUS Pillar 2, the security alliance among the United States, the United Kingdom and Australia.

They also agreed to strengthen the integration of critical minerals and battery materials value chains, enhance export credit agency financing support, and diversify clean energy cooperation across renewable energy, hydrogen, and carbon capture and storage.

In addition, the two sides expressed shared support for South Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as a means of deepening regional economic integration, with Australia confirming its active backing.

The meeting drew more than 200 business leaders and senior government officials from both countries. The South Korean delegation included Jang In-hwa, co-chair of the Korea-Australia Business Council and chairman of the Posco Group; Kim Chang-beom, executive vice chairman of the Federation of Korean Industries; Kim Ji-min, minister at the South Korean Embassy in Australia; Choi Yong-jun, consul general in Sydney; and Yoon Young-mi, chairwoman of the Korea Importers Association.

The Australian side was represented by Martin Ferguson, chairman of the Australia-Korea Business Council; Penny Wong, Minister for Foreign Affairs; and Don Farrell, Minister for Trade and Tourism.

In his opening remarks, Jang outlined three priority areas for cooperation: upgrading the critical minerals supply chain, building a clean energy ecosystem, and advancing collaboration in defense, shipbuilding, space and advanced research and development.

Bang Jin-cheol, head of Posco's Australia Critical Resources Research Institute, presented a vision at the steel, battery materials and critical minerals session for evolving bilateral cooperation into a technology partnership through joint participation in hydrogen-based steelmaking R&D and critical minerals technology development.

Kim Kwan-young, a team leader at LX International, said the competitiveness of critical minerals projects comes not just from reserve size but from a sustainable business structure. "Securing stable offtake, managing price volatility and combining policy finance into a well-designed structure are all essential," he said.

In the innovation and R&D session, Fahad Majib, communications manager at GS Engineering & Construction, introduced four research pillars at the company's Future Technology Research Institute: eco-friendly building materials, modular construction, carbon capture, utilization and storage, and hydrogen technology. He said the company plans to actively apply its proven advanced construction R&D technologies to infrastructure and energy projects in Australia.

In the energy transition, decarbonization and new technology session, Jeon Jae-ha, executive director at Hyosung Heavy Industries, highlighted the global shortage of power equipment and said the industry must shift "from one-off transactions to strategic partnerships centered on long-term framework agreements."

Kim Tae-hyung, executive director at POSCO International, said bilateral energy cooperation is evolving toward the development of renewable energy and eco-friendly industries. He proposed building a "24-hour clean power supply chain" based on ESS, alongside the creation of a next-generation green manufacturing ecosystem encompassing green steel.