Resources minister to visit Japan and Republic of Korea

The Australian Government has announced that Minister for Resources and Northern Australia Madeleine King will visit Japan and the Republic of Korea (ROK) this week with the aim of promoting investment in Australian resources projects and to reinforce Australia’s role as a stable and reliable export partner.

Minister King will use the trip to meet Japan’s newly appointed Minister of Economy, Trade and Industry, Ken Saito, and to meet ROK’s newly appointed Minister of Trade, Industry and Energy, Duk-geun Ahn. King will also meet executives from major industries and utilities in Japan and ROK, including major buyers of Australian resources and large investors in Australia’s resources and energy sector.

“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,” she said. “Japan and the ROK have been longstanding supporters of Australia’s resources and energy sector, and Australia has a rock solid commitment to continue to support the future resources and energy needs of both Japan and ROK.

“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.

“I will also thank the governments of Japan and the ROK, as well as industry leaders, for their engagement on Australia’s Future Gas Strategy, which is working to provide an evidence base for the future gas needs of Australia and our export partners.”

Japan and ROK are Australia’s second- and third-largest export markets for resources and energy respectively. Both countries also provide major foreign investments that support thousands of jobs in Australian resources and offshore gas projects.

Australian resources and energy exports to Japan, including LNG, iron ore and coal, were worth $99 billion in 2022–23, while total Japanese investment in Australia was worth $259 billion.

Resources and energy exports to ROK, including iron ore, LNG and coal, were worth $47.5 billion in 2022 and ROK investment in Australia was worth $28.1 billion.

Minister King said Australia’s critical minerals sector was well placed to support Japan and ROK as they decarbonise their economies, and to support more diverse supply chains for materials needed for the manufacture of electric vehicles and high-technology devices.

Image credit: iStock.com/mnbb