The Australian Trade and Investment Commission (Austrade) and the Korea Trade-Investment Promotion Agency (KOTRA) signed an upgraded Memorandum of Understanding (MOU) to enhance cooperation in trade and in investment promotion.
Austrade CEO Dr Paul Grimes met with his counterpart from KOTRA, Dr Kang Kyung Sung, on the sidelines of APEC Leaders’ Week to sign the upgraded MOU in Gyeongju, Republic of Korea.
The signing was welcomed by Prime Minister Anthony Albanese and President Lee Jae Myung.
This MOU will facilitate increased trade and investment in priority sectors including clean energy, critical minerals, infrastructure, defence and space, advanced manufacturing, health and biotech, and education and agribusiness. It will help trade and investment promotion agencies in both countries support business to maximise opportunities under the Korea-Australia Free Trade Agreement.
“Australia and Korea’s economic partnership has grown from strength to strength, thanks to our extraordinary economic complementarity.
“As our economies transition to a net zero future, we continue to strengthen our partnerships in sectors such as space and critical technologies like AI and biotechnology.
“This MOU will provide the framework for Austrade to take forward Australia’s shared interests with the Republic of Korea on trade and investment.”