King to promote Australian resources in Asia

Federal Minister for Resources Madeleine King will visit Japan and the Republic of Korea (ROK) this week in a bid to promote investment in Australian resources.

King is set to meet Japan’s newly-appointed Minister of Economy, Trade and Industry, Ken Saito, and ROK’s newly-appointed Minister of Trade, Industry and Energy, Duk-geun Ahn.

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,” King said.

“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.”

The trip follows King’s lithium and nickel roundtable last week with WA Minister for Mines David Michael and mineral producers to discuss challenges facing the industry.

A recent downturn in nickel and lithium prices has put a strain on the industry, but King said the trip to Japan and ROK presents an opportunity to strengthen Australia’s resource sector.

“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,” she said.

Japan and ROK are Australia’s second and third largest export markets for resources and energy respectively.

Australian resources and energy exports to Japan were worth $99 billion in 2022–23, while total Japanese investment in Australia was worth $259 billion.

Resources and energy exports to ROK was worth $47.5 billion in 2022, with investment worth $28.1 billion.

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