WA business alliance bolsters links to South Korea

by WA Government News | Apr 05, 2019
  • Minister encourages business sector to boost trade relationship with South Korea
  • Roundtable to focus on future economic opportunities
  • South Korea WA's biggest import market in 2018; third biggest export market 

Asian Engagement Minister Peter Tinley will explore ways of boosting Western Australia's trade alliance with South Korea when he addresses the Korea Business Roundtable at the Perth City Council offices today (April 5).

Today's roundtable - one of a series of four Asian business forums scheduled in 2019 - aims to stimulate trade awareness between South Korea and WA, and increase economic opportunities for both jurisdictions.

In 2018, South Korea was WA's largest import market and third largest export market.

South Korea accounted for 22 per cent of the State's merchandise imports in 2017-18. Ships, boats and floating structures accounted for 92 per cent ($8.1 billion) of WA's merchandise imports from South Korea, followed by vehicles (three per cent).

Mineral and petroleum commodities accounted for 87.3 per cent of merchandise exports, while other top merchandise exports included precious metals and frozen beef.

The Korea Business Roundtable is presented by the Department of Jobs, Tourism, Science and Innovation, in partnership with the Australia Korea Business Council of WA and the Embassy of the Republic of Korea to the Commonwealth of Australia.

Comments attributed to Asian Engagement Minister Peter Tinley:

"South Korean companies supply engineering and construction services to major LNG developments in the State - including the $12.6 billion Prelude floating LNG project. 

"Expanding trade with South Korea will help diversify WA's economy and drive job growth which is why the State Government will help the business sector to leverage economic opportunities, including tourism and international education, wherever it can.

"Asian markets, including South Korea, will dominate the global economy in the near future and these roundtables will help WA position itself as a key player in the world's fastest growing region."

Minister's office - 6552 5300

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