The Australian and South Korean geopolitical relationship continues to blossom, as critical minerals and rare earths are set to be crucial topics in the upcoming 47th joint meeting between the Australia-Korea Business Council (AKBC) and the Korea-Australia Business Council (KABC) in Adelaide.
Held from September 1–2, the event will focus on how both countries can build on their partnership and shared interests, especially as both nations recognise each other’s importance in energy supply and the shared commitment to stable and open trade and investment relationships.
Looking closer, the meeting will delve into future opportunities in steel, battery materials, and critical minerals, with Federal Foreign Affairs Minister Penny Wong saying that both countries are comprehensive strategic partners.
“The joint business council meeting plays a crucial role in this cooperation. For nearly five decades it has brought together leaders who understand that the Australia–Korea relationship is not just about trade volumes, but about building shared capability and shared confidence,” she said.
Wong highlighted that shared capability could be particularly significant across battery and advanced manufacturing supply chains, with Australia’s resources base complementing South Korea’s downstream manufacturing strength.
AKBC chief executive officer Liz Griffin said Australia’s mineral endowment could support Korean growth in batteries, semiconductors and artificial intelligence.
“Other companies like DCI Data Centres are capitalising on the AI revolution through Korean partnerships to build data centres,” she said.
“Australia has the world’s largest known reserves of lithium and is a significant producer of nickel, cobalt, rare earths and graphite.
“Korea is home to three of the world’s top five battery manufacturers and one of the world’s leading manufacturers of semiconductors, and they need these critical minerals for production. So AI presents an exciting economic opportunity for both countries.”
Energy security is also expected to shape the meeting’s resources discussions, following an agreement between Australia and South Korea in April to strengthen cooperation on stable diesel and energy supplies amid global disruptions.
AKBC chair Martin Ferguson said stronger business links in energy could provide a foundation for broader collaboration.
“Strengthening our countries’ business links through critical areas like energy security opens up other opportunities for collaboration and partnerships between like-minded Australian and Korean businesses,” he said.
The two countries’ economic relationship has expanded significantly since the Korea–Australia Free Trade Agreement was signed in 2014.
South Korea is now Australia’s third-largest export market and fourth-largest two-way trading partner, with Australian Bureau of Statistics figures placing Australian exports to Korea at $44.2 billion in 2025 and imports at $23.3 billion.
However, Korean companies do not rank among Australia’s 10 largest sources of investment, pointing to further potential across steel, battery materials, critical minerals and other industries.
The joint meeting will also cover innovation, research and development, commercialisation, the energy transition, decarbonisation and emerging technologies.
Other discussions will focus on cooperation in space and AI, as well as Korean investment in Australian projects such as Santos’ Barossa development.
The meeting will bring together business leaders, government officials and researchers, including M Resources founder and president Matt Latimore, Australian Space Agency head Enrico Palermo, Santos executive vice president Sean Pitt and Hanwha Defence Australia deputy chief executive officer Maro Kim.