The Western Australian (WA) Government and the Republic of Korea’s Ministry of Trade, Industry, and Energy (MOTIE) have inked a Letter of Intent.
Premier Mark McGowan and MOTIE Minister Changyang Lee have met to sign the Letter of Intent and talk over new energy investment in WA.
“The Letter of Intent signed with MOTIE recognises our strong strategic partnership with South Korea and charts a course for new opportunities into the future,” Premier McGowan said.
By signing a deal with MOTIE, Premier McGowan stated that the State is establishing a formal relationship to enhance economic engagement between WA and South Korea in the new energy and downstream processing sectors.
According to the State Government, the historic Letter of Intent will foster collaboration between WA and South Korea in growing industries such as renewable hydrogen and ammonia, as well as carbon dioxide capture, utilisation and storage.
“I look forward to Western Australia and South Korea continuing to deepen our strategic partnership into the future,” Premier McGowan added.
MOTIE is a South Korean Government agency dedicated to laying the groundwork for economic growth in the fields of commerce, investment, industry, and energy.
With total trade of $18.5 billion in the fiscal year 2021–2022, South Korea is WA’s third-largest trading partner. 36% of Australia’s exports of goods to South Korea in 2021–22 came from WA.
