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Business envoy July 2021

Global insights: dispatches from Australia’s global network

Seoul: Marking the 60th Anniversary of Australia – Republic of Korea diplomatic relations

The Australian Government is celebrating the 60th anniversary of diplomatic relations with the Republic of Korea this year, a period in which our two countries have developed deep people-to people-links, a strong and complementary trade and investment relationship, collaboration on science, technology and innovation and shared strategic interests. Australia and Korea’s export-oriented economies benefit from rules-based trade and reliable supply chains. We share a commitment to sustainability, underpinned by safe and effective trade practices. Since the entering into force of the Korea-Australia Free Trade Agreement (KAFTA) on 12 December 2014, Australian and Korean companies have mutually benefited from phased tariff reductions and elimination.

Australia’s high-quality agricultural exports complement Korea’s food production. Korean investment in Australia has created jobs in both countries. Korea is a reliable producer of first-class petrochemicals, cars and electronics for Australians. Korea is also one of the world’s largest investors in research and development. Australia is a world leader in research, education, science, innovation and vocational training. As we tackle climate change, we are natural partners to develop the low emissions technologies that will reduce emissions and create jobs. We are strengthening collaboration between Australian and Korean universities and researchers. Together we will be at the forefront of new fields such as biotechnology, the circular economy, artificial intelligence and robotics.

Rabat: Trade diversification opportunities

With Morocco’s strategy of diversifying away from heavy reliance on phosphate mining, trade diversification opportunities are opening up for Australian businesses in markets like Moroccan thermal coal and renewables. Moroccan energy companies are open to sourcing coal from Australia and collaborating on renewables. TAQA Morocco, for example, is developing renewables with a goal of achieving 40 per cent of its electricity production by 2030. TAQA supplies 44 per cent of local Moroccan electricity needs. Morocco’s green hydrogen sector is also bound to expand and can be one area in which Australian companies can compete. Other opportunities for growth in trade and investment exist across Morocco – some in niche markets such as camel meat, textiles, and traditional products – but some in major sectors, including food, agriculture and agri-tech; infrastructure; education, tourism, and a lesser extent health. Morocco’s COVID-19 vaccination campaign has so far been successful and can position the country to re-opening its economy quicker than most other African countries.

Madrid: Growing educational links with Australia

A new partnership agreement between RMIT Europe (Barcelona), and Eurecat, Catalonia’s leading research and technology centre, offers significant new opportunities for R&D and industry collaboration in Spain. A range of education and research collaborations are envisaged: early research priorities include energy, lightweighting, industrial artificial intelligence, medical devices and creative industries. Advanced Manufacturing has already been identified as an area of priority for research and a joint approach to industry partners. DFAT recognises the growing R&D links with Spain and potential for the agreement to foster new business partnerships and technology transfer.

Seoul: Women in STEM

The Australian Embassy in Seoul collaborated with the Korean Center for Women in Science, Engineering, and Technology (WISET) to jointly host a Women in STEM webinar on 11 May with the support of the Korea Australia Researcher Network (KARN). The event helped to mark the 60th anniversary of diplomatic relations, and the importance Australia attaches to both gender diversity in STEM and deepening education and research links with the Republic of Korea. The discussion highlighted the contribution that study abroad and links between researchers, such as through KARN and the Square Kilometre Array project, can make to developing the careers of women in science, technology, engineering and maths. Professor Lisa Harvey-Smith, Australian Ambassador for Women in STEM, emphasised the economic and moral case for greater female participation in STEM fields. She highlighted the multi-faceted efforts under Australia’s ten-year plan to achieve gender equity in STEM by 2030.

Seoul: Women in STEM. Image credit: DFAT

New Delhi: Sports diplomacy expanding commercial opportunities

Australia’s education, training and sports science knowledge has a strong reputation in India and DFAT’s sports diplomacy is linking Australian educational institutions and businesses to commercial opportunities in cricket, Olympic sports, soccer, water safety and event management. Leading Indian sports centres such as the Centre for Sports Science have used Australian tech, and the Padukone-Dravid Centre for Sports Excellence in Bengaluru have hosted New Colombo Plan students. The MRF Pace Foundation, a coaching clinic for training fast bowlers, has used Australian cricketing legends Dennis Lillee and Glenn McGrath as coaches since 1991, and multiple Indian Premier League teams have Australian coaches and support staff. Other collaborations include Bengaluru startup Str8bat’s partnership with Cricket Australia on sports sensors, a University of Queensland professional development program at the JSW Inspire Institute of Sport, a University of Sydney professional development program for leading Indian sports professionals, and Surf Life Saving Australia’s training programs for the Maharashtra government’s beach safety personnel.

New Delhi: Sports diplomacy expanding commercial opportunities. Image credit: DFAT
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