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Hebei Ladery Import & Export Co., Ltd. [Hebei,China] Business Type:Manufacturer , Trade Company Main Markets: Africa , Asia , Caribbean , East Europe , Europe , Middle East , North Europe , Oceania , Other Markets , West Europe , Worldwide Exporter:61% - 70% Certs:ISO9001, CE

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Australia and South Korea further strengthen cooperation on key minerals

2022-01-02

The Memorandum of Understanding (MOU) announced by Australia and South Korea for cooperation in key mineral supply chains will build on previous commitments by both countries to further strengthen cooperation in the resource and energy sectors. There will be more and more cooperation in technology, trade and investment.

South Korean investment in Australia, mainly in the resources sector, increased from A $12.8 billion in 2011 to A $32.7 billion in 2020, the data showed. In 2020, South Korea was Australia's fourth largest trading partner and fourth largest export market, accounting for $34.9 billion or 4.4 percent of Australia's total international trade. Australia's main exports include iron ore and coal.

It is understood that in mid-December, The Australian battery Metal company expressed its hope to cooperate with South Korean electric vehicle companies as a major supplier. South Korea needs critical mineral supplies and has pledged to become a major battery manufacturer by 2030 and a carbon neutral plan by 2050. And Australia supplies 40 per cent of South Korea's key minerals, which are crucial to moving the world economy towards net zero emissions.

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