WESTERN Australia’s business community has increased its focus on maximising its opportunities in Asia, with the establishment of a council to promote two-way trade with the Republic of Korea.
WESTERN Australia’s business community has increased its focus on maximising its opportunities in Asia, with the establishment of a council to promote two-way trade with the Republic of Korea.
The council’s move follows the success of the University of Western Australia’s In the Zone forum, which enters its second instalment this year, in what will be a scaled down conference because of the Commonwealth Heads of Government Meeting later this year.
The forum, first held in 2009, has been established for the business community to build on the comparative advantages of Perth’s geographic proximity to developing economies in Asia.
This year’s forum is highlighted by the presence of Indonesian vice president Dr Boediono, who is the conference’s keynote speaker.
Also, Premier Colin Barnett has been busy recognising the state’s business relationship with Japan and Korea, celebrating the 30th anniversary of WA’s sister state relationship with the Hyogo Prefecture.
Mr Barnett said the relationship began through iron ore trade and strong connections to the steel industry through Kobe Steel and Nippon Steel. “The real strength of the relationship is how it has grown into so many areas,” Mr Barnett said.
“This year through a sponsorship, young Western Australian fashion and design graduates are working with Hyogo’s Banshu textile industry to produce new fabrics,” he said.
The Australia Korea Business Council of WA (AKBC-WA) has been set up with a similar goal in mind; to foster economic co-operation and understanding between the state and South Korea.
AKBC-WA will provide network opportunities for Australian businesses with Korean business activities; provide a forum for establishing high-level contacts in governments and financial and business communities; act as a conduit between governments and the Australian business community; and promote ties with similar Korea-based organisations.
The council was pulled together by a steering group consisting of Woodside Petroleum general manager of international exploration Peter Grant, the Department of State Development’s Yuki Ghantous, and KPMG corporate finance partner Peter Dawson.
The board includes representatives from Chevron, Apache, Kogas, University of WA, Woodside, KPMG and the Department of State Development.
Council patron and former WA premier, Richard Court, said the setting up of the AKBC-WA during this year’s 50th anniversary of the establishment of full diplomatic relations between Australia and the Republic of Korea was a fitting celebration of the two countries’ bilateral relationships.
“In recent years we have seen a significant expansion of education and trade activities between Western Australia and Korea, which has seen a range of Korean companies establishing offices and business divisions here in Western Australia,” Mr Court said in a statement. “The AKBC-WA will serve as a medium for stakeholders to build a diverse relationship between the two regions.”
Despite the long list of initiatives, a survey released last week by the Australian Industry Group and University of Melbourne non-academic department, Asialink, suggested businesses were falling short of the skills required to maximise opportunities in the region.
Asialink chief executive Jenny McGregor said Australia had a very strong trade performance with Asia historically, but its business investment was comparatively low.
“The real test of an understanding of the Asian region, and really knowing what the opportunities are, is when companies put people and money there – when they put people on the ground,” Ms McGregor said.
