Minister for Resources and Northern Australia Madeleine King is set to embark on a diplomatic mission to Japan and the Republic of Korea (ROK) this week in a move to bolster investment in Australian resources projects and strengthen Australia’s reputation as a reliable export partner.
The highlight of Minister King’s visit will be her emphasis on fostering manufacturing ties, especially in the critical minerals sector, as she engages with key stakeholders in both countries, the government said in a media release.
Minister King is scheduled to meet with Japan’s newly-appointed Minister of Economy, Trade and Industry Ken Saito and ROK’s newly-appointed Minister of Trade, Industry, and Energy Duk-geun Ahn.
The agenda includes discussions with executives from major industries and utilities, focusing on reinforcing Australia’s standing as a reliable and stable export partner.
“I look forward to meeting Minister Saito in Tokyo and Minister Ahn in Seoul, and to reinforce Australia’s role as a stable and reliable export partner,” said Minister King.
Highlighting the significance of the visit, Minister King stated, “My visit is a great opportunity to promote investment and support for Australia’s growing critical minerals sector, which is responsibly and reliably producing key minerals needed for clean energy technologies that are essential to help lower emissions and meet climate goals.”
Australia’s critical minerals sector is strategically positioned to support Japan and ROK as they work towards decarbonising their economies.
Additionally, it aims to contribute to the diversification of supply chains, particularly in the manufacturing of electric vehicles and high-tech devices.
The manufacturing emphasis aligns with Australia’s commitment to its Future Gas Strategy, seeking to provide an evidence base for the future gas needs of Australia and its export partners.
Japan and ROK stand as Australia’s second and third largest export markets for resources and energy, making them vital partners. Japan alone, including its investments in Australia, accounted for $259 billion in 2022, underscoring the economic significance of these relationships.
Moreover, Australia and ROK have a Memorandum of Understanding on Cooperation in Critical Minerals Supply Chains, reflecting a mutual ambition to develop robust and commercially viable critical minerals supply chains.
