{"id":2206366,"date":"2024-09-03T17:56:28","date_gmt":"2024-09-03T08:56:28","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206366"},"modified":"2024-09-04T19:35:06","modified_gmt":"2024-09-04T10:35:06","slug":"south-korea-targets-australian-minerals-to-reduce-supply-chain-risks","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/south-korea-targets-australian-minerals-to-reduce-supply-chain-risks\/","title":{"rendered":"South Korea targets Australian minerals to reduce supply chain risks"},"content":{"rendered":"
A <\/span>meeting<\/span><\/a> between South Korean and Australian trade officials on Monday underscored new opportunities for ROK businesses to diversify their critical mineral supply chains away from China and enter a growing clean energy market.<\/span><\/p>\n Companies in sectors such as battery manufacturing, semiconductor materials and green hydrogen technology stand to gain from such a collaboration with Canberra.\u00a0<\/span><\/p>\n However, the promise of working with a democratic partner country with abundant natural resources is not without risk, requiring South Korean companies to navigate significant regulatory hurdles to operating in Australia and fierce market competition with major international companies, ranging from Tesla to BP.<\/p>\n MEETING OBJECTIVES<\/b><\/p>\n The meeting between South Korea and Australia marked the 10th anniversary of their free trade agreement (FTA), serving to emphasize their commitment to deepening cooperation, particularly in critical minerals and clean energy. These sectors are increasingly vital to both nations\u2019 economic and environmental goals.<\/span><\/p>\n Ahn Duk-geun and Don Farrell, the South Korean and Australian trade ministers, discussed ways to collaborate to reduce supply chain vulnerabilities and support energy transitions.<\/span><\/p>\n Australia\u2019s <\/span>abundant reserves<\/span><\/a> of lithium, nickel and rare earth elements position it as a key player in the global market for these critical minerals, which are essential for electric vehicle (EV) batteries, semiconductors and renewable energy technologies.<\/span><\/p>\n South Korea, which seeks to reduce its <\/span>heavy reliance on Chinese imports<\/span><\/a>, views Australia as a reliable partner. This partnership will help Seoul secure more stable supply lines and diversify sources in response to rising global demand and geopolitical uncertainties.<\/span><\/p>\n