During his visit to Korea in May 2000, Prime
Minister Howard discussed with President Kim Dae-jung the possibility of
exploring the scope for expanding trade and investment links between Australia
and Korea. Subsequently the Korean and Australian Trade Ministers agreed to
initiate studies on measures to strengthen the bilateral economic relationship.

This study, sponsored by the Australia-Korea
Foundation (AKF), identifies ways of strengthening the economic partnership
between Australia and Korea.

An initial study was completed on 30 April
2001. The initial study:

(i) examined
economic, commercial and industrial trends and policies in Korea (with
particular emphasis on services, high technology and new economy/knowledge
based economy (KBE) sectors and investment) current, and in prospect over the
next 3-5 years;

(ii) assessed
the impact of these trends on Australia's existing trade/commercial links with
Korea and the opportunity for enhanced bilateral commercial engagement; and

(iii) identified
for further study a small number of areas/market sectors where Government
action might assist in broadening the basis of mutually beneficial bilateral
economic activity.

This study was completed in August 2001. A
similar study is being sponsored by the Korean Government.

The study involved discussions with three
types of businesses:

(i) those
that are currently engaged in trade with Korea;

(ii) those
that have ceased trading with Korea; and

(iii) those
that are perceived to be potential trading partners.

There have also been a number of visits to
Korea for discussions with Korean Government and business people.

The conversion rate used in this report is
$A1.00 equals 600 Won.

The authors of this study are:

• Michael
  Porter of Tasman Asia Pacific. He is also a director of the Investment Banking
  Group of Macquarie Bank and has been a Professor of Economics at leading
  universities such as Monash, Yale and Stanford. Dr Porter has led a number of
  major studies on infrastructure and trade in Asia for the World Bank, AusAID,
  the Asian Development Bank and State and Federal Governments in Australia.
• Steve
  Doszpot of Duesburys Strategic Connections, a division of Duesburys Chartered
  Accountants. Mr Doszpot is a private sector businessman who provides national
  and international marketing support and advice to government and business
  enterprises in Canberra. He was a major participant in the organisation of the
  Australia Today Indonesia '94 project.
• Ron
  Maxwell of Maxwell and Druce International Pty Ltd. Mr Maxwell has over 30
  years experience in the Federal Government, primarily in the trade portfolios.
  He has been a consultant for the past 10 years providing advice on
  international business development issues to Australian and international
  governments and businesses.

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