South Australian Minister for Trade and Tourism, Joe Szakacs, is leading a delegation of energy and resource sector CEOs to explore trade and investment opportunities with Korea and Japan.
Japan and Korea are major export markets worth nearly $1 billion combined to the state’s economy and are key purchasers of South Australian wine, meat, tuna and canola.
The South Australian Government said that the state leads the world in renewable energy and the promotion of opportunities in the green hydrogen industry, including green iron and steel, will form a major focus for the trip as both Korea and Japan look to accelerate their transitions towards net zero.
The State Government said that Mr Szakacs is being joined by CEOs from companies including Magnetite Mines, Hallett Group, Iron Road and Renascor Resources, sending a strong signal that the South Australian Government is working closely with private sector partners to deliver its decarbonisation agenda, and highlighting its leadership role in developing clean energy projects, including its Hydrogen Jobs Plan.
Alongside more than 500 business leaders and corporations, Mr Szakacs will also attend the premier forum for Australia-Japan trade and investment at the annual bilateral Australia Japan Business Cooperation Committee Conference (AJBCC) in Nagoya, representing South Australia’s export sector and spruiking the state’s investment opportunities with key Japanese investors and stakeholders.
Mr Szakacs is expected to attend critical meetings with energy, resource and space industry companies including Hyundai Engineering and Construction (Hyundai E&C), Mitsubishi Heavy Industries and IHI Aerospace, and meet with Japan’s flag carrier, Japan Airlines.
Mr Szakacs said, “Increasing South Australian exports, and investment attraction, is a major focus of the State Government, which is why this trade mission – my first to Japan and Korea – is so important.
“Leading a delegation of industry CEOs demonstrates that our state and our government is committed to working as one team to deliver our ambitious renewable energy and green hydrogen agenda.”
Mr Szakacs said South Australia’s key sectors of growth, including resources, fuels and clean technologies, food, wine and agribusiness represent excellent opportunities for investment from Korea and Japan.
Hallett Group CEO, Kane Salisbury, said the company is delighted to join Mr Szakacs on this important trade mission.
“This is a tremendous opportunity for Hallett Group to engage with current and future Korean and Japanese partners to further progress our plans to build a world leading green cement manufacturing hub at Port Augusta powered by the green fuels of the future. Hallett is proud to be a member of Team South Australia!”
International MOU signed
A Memorandum of Understanding (MoU) between the South Australian Government and Hyundai Engineering and Construction (Hyundai E&C) has been signed by Mr Szakacs, at Hyundai E&C’s headquarters in Seoul, as part of his first trade mission to Korea and Japan.
The South Australian Government said the MoU paves the way for significant collaboration between South Australia and one of Korea’s industrial giants in renewables, hydrogen, housing and infrastructure.
Hyundai E&C is one of the world’s leading construction and engineering firms, with almost 15,000 employees in 34 countries, and having completed more than 880 projects across 62 countries.
Established in 1947 as the origin of the Hyundai Motor Group, the company has annual revenue of $35 billion and is a major player in civil engineering and infrastructure projects around the world.
The MoU establishes a significant partnership helping to facilitate future investment projects and job creation in South Australia.
The South Australian Government said it also solidifies the state’s reputation as a global leader in the transition to net zero and highlights the appetite of global powerhouses to join the state as it decarbonises industry and the wider economy.
The State Government said it is proud to have more than 70 per cent renewable energy in its system, having committed to 100 per cent net renewables by 2027 and to reduce net greenhouse gas emissions by at least 50 per cent by 2030.
Hyundai E&C has capabilities in renewables (solar and wind farms), battery energy storage, offshore wind, hydrogen, and transmission and distribution networks.
Mr Szakacs said the MoU further enhances South Australia’s global standing as a leading jurisdiction in the transition to net zero.
“This partnership with Hyundai E&C – a global industry heavyweight – demonstrates that major international players take our state’s commitment to decarbonisation seriously and want to join with us as we pursue these ambitious goals.
“The opportunities that will be explored for investment in renewable energy, infrastructure, housing and hydrogen projects in South Australia will create additional jobs and prosperity in our state and encourage South Australian businesses and industry to decarbonise their operations,” Mr Szakacs said.
“We’re excited about the opportunities this MoU provides to work more closely with Hyundai E&C, and that it will drive closer engagement with South Korea – a key regional economy.”
An official from Hyundai E&C’s NewEnergy Division said, “Our mutual cooperation with the State of South Australia, a world leader in renewable energy, will serve as a catalyst for innovation in Australia’s energy infrastructure.
“We hope that this partnership will contribute to the revitalisation of South Australia’s economy and create strong synergies in global public-private partnerships for mutual growth.”
