Minister King to visit Japan and Korea to secure critical minerals trade

Minister for resources and northern Australia Madeleine King will visit Japan and the Republic of Korea (ROK) this week to promote investment in Australian resources projects and reinforce Australia’s role as an export partner.

Minister King will use the trip to meet Japan’s newly-appointed minister of economy, trade and industry, Ken Saito, and to meet ROK’s newly-appointed minister of trade, industry and energy, Duk-geun Ahn.

Minister King will also meet executives from major industries and utilities in Japan and ROK, including major buyers of Australian resources and large investors in Australia’s resources and energy sector.

“I look forward to meeting Minister Saito in Tokyo and Minister Ahn in Seoul, and to reinforce Australia’s role as a stable and reliable export partner,” said King.

“Japan and the ROK have been long-standing supporters of Australia’s resources and energy sector, and Australia has a rock solid commitment to continue to support the future resources and energy needs of both Japan and ROK.

“My visit is a great opportunity to promote investment and support for Australia’s growing critical minerals sector, which is responsibly and reliably producing key minerals needed for clean energy technologies that are essential to help lower emissions and meet climate goals.”

Japan and ROK are Australia’s second and third largest export markets for resources and energy respectively. Both countries also provide major foreign investments that support thousands of jobs in Australian resources and offshore gas projects.

Australian resources and energy exports to Japan, including LNG, iron ore and coal, were worth $99 billion in 2022-23, while total Japanese investment in Australia was worth $259 billion.

Resources and energy exports to ROK, including iron ore, LNG and coal, was worth $47.5 billion in 2022, and ROK investment in Australia was worth $28.1 billion.

Minister King said Australia’s critical minerals sector was well placed to support Japan and ROK as they decarbonise their economies, and to support more diverse supply chains for materials needed for the manufacture of electric vehicles and high technology devices.

Australia and Japan are partners in the Japan-Australia Critical Minerals Partnership, which affirms a shared commitment to stable critical minerals supply.

Australia and ROK have a Memorandum of Understanding on Cooperation in Critical Minerals Supply Chains which will deliver the shared ambition to develop robust and commercially viable critical minerals supply chains.