DOWNUNDER UPDATEwww.AUSTCHAMKOREA.org Newsletter of the Australian Chamber of Commerce in Korea 06̸2009 15 AustCham Vice-Chairman Glen Feist Speech toAustCham Members Ambassador GerovichInaugural The HonMartinFergusonAMMP AustCham KoreaOfficialLaunch ANZAC DayMemorialService 18 16 AUSTCHAM FOUNDATION SPONSORS
The Australian Chamber of Commerce in Korea is grateful for the continued support of our sponsors. Foundation Member sponsors will also be recognized in future years.
Gold Sponsors
Silver Sponsors www.AUSTCHAMKOREA.org
Glen's Parting Words of Wisdom and Friendship
There I was, sitting in Hong Kong after 17 years and three countries in Asia contemplating my retirement. I had done enough, or so I thought. I needed a rest, or so I thought. I would sit on the beach in Australia and be one of those $3,000 a day consultants with an expertise in Asia. Or so I thought! A phone call came into me during my notice period. The guy on the other end of the line said “Gday Glen, I have a great opportunity for you to go and work in South Korea.” South Korea, I thought, why the hell would I want to go and work there? All I knew about South Korea is what I used to see on CNN. The North Korean army parading down the road flexing their muscles and threatening the South and those student protests with the tear gas. Why the bloody hell would I want to go there!
Arlene and I decided to have a free look at a country I would never want to go to at my employers’ expense, and then politely say “no thanks.” From the moment the plane touched down we have loved this place. We love the people, the culture, the food, the soju and even the traffic. However, most of all, it was the expatriate community. For the first time in 18 years I had the prospect of getting involved with the expatriate community. In my previous jobs in Asia I had been a workaholic, often working seven days a week. I was not used to having a life outside of work so I threw myself in the chamber activities and the ANZA social functions. I met some great people and made some great friends. I learned to be part of an expat business community that were all here for the same reason - I was able to help take this “frontier town” and our respective companies further along the road of development. At work I was able to take a small team of young Koreans all so eager to learn and succeed to great heights in marketing. I was able to leave a “mark”.
Now it is time to move on but not to that beach in Australia, what an absolutely stupid idea that was. No, rather to the bustling city of Tokyo. To a market and a country that could not be more different in regards to my industry. Korea, still at the start of being a great and long term market for Australian beef and lamb that has a huge potential to grow, and Japan, a fantastic country for our product but a very mature market that needs to be held.
To the Chairmen, the Directors and the Executive Directors of both Chambers that I have worked with over the past 5 years I say thank you. Thank you for your leadership, thank you for your advice and thank you for your friendship. To the members of the Chambers and ANZA, thanks for the great times and thanks for making my family and I so welcome to this great country, Korea.
[ 1 ] 2006 ANZCCK Board. [ 2 ] 2007 Glen, receiving the memorial horse from Sean Rodrigues as outgoing ANZCCK Chairman. [1] [2] [3] [ 3 ] Inaugural Business Awards Ceremony, Glen with Australian Ambassador Peter Rowe and NZ Ambassador Jane Coombs. [ 4 ] Glen and NZ Trade Commissioner, [4] [5] [6] Andrew French. [ 5 ] 2008 Glen with ANZCCK members at KITA dinner to welcome Australian Prime Minster Kevin Rudd. [ 6 ] Glen with his wife Arlene enjoying a [7] [8] [9] Sundowner. [ 7 ] Glen with fellow AustCham Director Diana Underwood. [ 8 ] Glen and Arlene with Ambassador Gerovich , Juyong and Mark Redmond, Hyejin Kim [10] [ 9 ] Glen and mystery pirate! [10] Glen with friends at farewell drinks [11] AustCham Board farewell to Glen. [12] Glen surviving the Seoul Summer [11] [12] Survivor with friends.
April ̸ May ̸ June 3 Australia Chamber of Commerce in Korea
AUSTCHAM KOREA BOARD 2009 CONTENT
Chairman Sean Rodrigues 02 2009 AustCham Sponsors Tel. 02) 739 3290 Fax. 02) 739 3293 03 Vice-Chairman's Message [email protected] 04 Content & AustCham Board Vice Chairman Glen Feist Tel. 02) 3210 8400 Fax. 02) 733 8337 05 New Members & 2009 Membership Directory [email protected] 07 AustCham Official Launch: April 6 Secretary Mark Redmond 09 News and Events Tel. 010 8737 7688 Fax. 02) 739 7988 10 Australian Embassy Update [email protected] 12 Australia-Korea FTA Embassy Update Treasurer To be confirmed 13 Austrade Update Directors Claire Choi 15 Australia Education International (AEI) Update Tel. 02) 399 6500 Fax. 02) 399 6507 16 AustCham Charity Update [email protected] 17 ANZAC Day Remembered in Seoul: April 25 Matthew Gurr 18 Centre for Australian Studies, Yongsei University Tel. 02) 561 4560 Fax. 02) 561 3361 19 Ambassador Gerovich Address: May 15 [email protected] 21 Sundowner at Boomerang Bar: May 22 Matthew Holmes 23 Breakfast Forum with D Richardson: June 9 Tel. 02) 2112 0997 Fax. 02) 2112 0704 25 Luncheon Forum with TS Chunch: June 24 [email protected] 27 Q&A: Jim Lim, MLA Regional Representative Soo Yun Kim 28 ANZ Report: Economic Outlook - Sep Quarter Tel. 02) 390 3828 Fax. 02) 390 3800 30 Sundower at Bar Rouge: June 26 [email protected] Harry Lee Tel. 010 4284 8324 Fax. 02) 455 8177 USEFUL NUMBERS [English Language] [email protected] Australian Chamber 010 8805 3229 Nashah Lee Australian Embassy 02) 2003 0100 Tel. 02) 514 8727 Fax. 02) 0505 115 8726 Fire & Medical Emergency 02) 119 Medical Referral Service 010 4769 8212 [email protected] New Zealand Chamber 011 271 1624 Mary-Jane Liddicoat New Zealand Embassy 02) 3701 7700 Tel. 010 3996 9429 Fax. 02) 738 8412 Police 02) 112 [email protected] Seoul Global Center 02) 1688 0120 Henry Louie Seoul Immigration Office 02) 2650 6212 (3*) Tel. 02) 737 4731 Fax. 02) 737 4738 Tourist Information 02)120 and 02)1330 [email protected] Jean Ough USEFUL LINKS Tel. 02) 722 1217 Fax. 02) 722 1218 Australian Chamber www.austchamkorea.org Hi Korea (e-Government) www.hikorea.go.k [email protected] Invest Korea www.investkorea.org Diana Underwood KCCI (Korean Chamber) http://english.korcham.net Tel. 011 9368 2915 Fax. 02) 393 2916 KITA (International Trade) http://global.kita.net [email protected] Kiwi Chamber www.kiwichamber.com Ben Way Korea4Expats www.korea4expats.com Tel. 02) 3705 8500 Fax. 02) 3705 4930 KOTRA (Trade/Investment) http://english.kotra.or.kr [email protected] Seoul Global Center http://global.seoul.go.kr Austrade Martin Walsh AUSTCHAM KOREA CONTACT DETAILS Representative Tel. 02) 398 2801 Fax. 02) 734 5085 [email protected] 21/F Seoul Finance Center Taepyeongro 1-ga, Jung-gu Ex Officio Dr Evanor Palac-McMiken Seoul 100-768, Republic of Korea Economic Counselor, Australian Embassy Tel. 02) 889 8371 Mb. 010 8805 3229 Tel. 02) 2003 0124 Fax. 02) 735 6601 [email protected] [email protected] www.austchamkorea.org
4 April ̸ May ̸ June www.AUSTCHAMKOREA.org
AustCham Membership Updates
2009 AustCham Membership Directory Copies of the 2009 AustCham Membership Directory were posted to each of our members in June. We thank you for your contribution in providing the information to prepare the Directory. We hope you will find it helpful.
Should you have any queries or require additional copies, please email your request to our Executive Director at: [email protected]
Information about AustCham members is also available via our website under “Member Index” at: www:austchamkorea.org
New Members We welcome our new members that have joined AustCham since June.
GCT Partners Assa Abloy Korea Ltd Ph: +82 2 794 7604 Fax: +82 2 797 0928 Ph: +82 2 6710 0600 Fax: +82 2 6710 0670 GCT Building 2F, 210-1 Itaewon 2 Dong, Yongsan Gu www.assaabloykorea.com Seoul 140-857, Korea [email protected] www.gct-partners.com [email protected] Status and Main Business Field of ASSA ABLOY Korea Ltd. are GCT Partners is a strategic management and organizational development External Auditing Corporations, Foreign Direct Investment Corporations firm, providing its clients with innovative solutions in five areas. and Non-Financial Holding Companies.
Psychometric Assessments Performance Coaching Edgar Hon Khee Kim, Market Region Manager, Korea Corporate Training Keynote Presentations Teambuilding Samjoo S.M.C. Co., Ltd. Ph: +82 2 784 8210 Fax: +82 2 336 9478 GCT Partners work with Fortune 500 companies, Global 1000 www.coruseal.co.kr companies, government agencies, and nonprofit organizations to improve organizational effectiveness, retain and develop top talent, and support strategies for change. Founded in 1995, Samjoo S.M.C. Co., Ltd. has been the leader of the special coating products in Korea with its one-of-a-kind metal compound protective coating system called Coruseal System. Starting from the Seohae Grand Bridge to water treatment facilities and tunnels, Samjoo has devoted itself to accomplish its mission to protect any concrete and steel structures from external destructive Michael Conforme, Managing Partner [email protected] elements such as moisture, salt, heat, pollutants, and others. Mark Patton, Partner [email protected] Introducing LCC concept to the construction industry in Korea, Hyosook Kim, Partner [email protected] Coruseal has minimized the maintenance and repair expenses drastically and achieved the maximum life span of the coating TechnoFibre Korea materials, which is closest to the designed life span of any structures. Ph: +82 61 795 1412 Fax: +82 61 795 1435 By protecting and preserving the original condition of structures, [email protected] Coruseal system has proved its contribution to the safe and TechnoFibre Korea is the first Independent Lifeboat Servicing and sustainable living environment and now is rapidly expanding its Testing Operator in Korea. We provide maintenance and testing of market to the world. Lifeboats, Davits and Winches. Stuart Paterson, Managing Director Edward Han, CEO & Chairman
Ms Na Young Kim CHANGE OF COMPANY DETAILS Student - Kookmin University Campbell & Co. Ltd. +82 2 954 2788 Changed Korean contact number [email protected] Mb: +82 19 840 7960
April ̸ May ̸ June 5
www.AUSTCHAMKOREA.org
AustCham Korea Official Launch - April 6
Australia's Minister for Resources, Energy and Tourism, Martin Ferguson AM MP visited Korea in April. Among other business, Mr Ferguson officially launched the 'Australian Chamber of Commerce in Korea' during his address to AustCham members and guests at a breakfast function held at the Hyatt Hotel.
In discussing AustCham's vital role in strengthening business links between Australia and Korea, Mr Ferguson said that "In trade, Australia is rightly seen in Korea as a reliable and trusted partner" and that this solid relationship is strengthened by the work of groups such as the Chamber of Commerce.
This was the Minister's first trip to the Republic of Korea as Minister for Resources and Energy, and Minister for Tourism. Mr Ferguson's address highlighted the close alignment of Korea and Australia's objectives on clean energy. Korea's long-term national energy The Hon Martin Ferguson AM MP, Minister for Resources, Energy and Tourism officially road map, The National Energy Basic Plan 2008-2030 coincides with Australia's energy launched the Australian Chamber of future plan, both for domestic supply and as an energy exporter. Commerce in Korea - Austcham. The Minister advocated Australia's strong interest in assisting Korea meet its energy and resource-security goals, particularly in expanding LNG and uranium trade. He sought support for the impending Australia-Korea FTA talks and discussed the mutually beneficial trade and investment opportunities that would arise from an FTA. Mr Ferguson emphasised that Australia is a country built on foreign investment, as such; Australia is very keen to work with Korean business to invest in Australia.
As Minister for Tourism, Mr Ferguson emphasised the Government's commitment to constantly strive to improve the experience for Korean travellers to Australia. Korea is Australia's seventh biggest tourism market.
April ̸ May ̸ June 7
www.AUSTCHAMKOREA.org AustCham’s DownUnder Update - News and Events
Welcome to the July issue of the “DownUnder UPdate,” the quarterly Newsletter of the Australian Chamber of Commerce in Korea!
Thank you to all our members and friends who participated in our events during the past three months. We had a busy event schedule, as you will notice from the updates in this issue, which included the official launch of the Chamber on April 6 by Minister Ferguson during his official visit to Korea, and Ambassador Gerovich’s Inaugural Address on May 15. AustCham Directors and members have also participated in events that increase the Chamber’s business profile in Korea such as Investment/Knowledge Forums by a number of Cities and Korea’s Free Economic Zones (FEZs) including: Busan, Gangwon, Gwangyang (GFEZ), Daegu-Gyeongbuk (DGFEZ); as well as ACRC (Anti-corruption & Civil Rights Commission) briefing meetings. Our Chairman took part in Invest Korea Advisor Council (IKAC) meetings focusing in FDI and Korean Government Policy. AustCham has also formed close ties with Seoul Metropolitan Government (SMG) Investment Promotion Division (FIAC Secretariat) and Seoul Global Center (SGC), for the benefit of our members. AustCham is an active member of InterChamber, an alliance involving foreign chambers and business associations and the Korean Chamber of Commerce and Industry (KCCI), assisting in the planning of future joint events. We closely collaborated with the Australian Embassy to host the LAFIA Delegation breakfast meeting to present the views of various Australian industries in Korea to the delegates so that it may assist in formulating future policy that will support Australian businesses in Korea.
The Lord Mayor of Brisbane will be leading a delegation of business people to Korea in September 2009, to showcase Brisbane and various industry sectors as part of the Asia Pacific Cities Summit (APCS) that will take place in Incheon during the period of the Global Fair & Festival 2009. We will be posting updated information in the “News” section of our website.
Farewell and Hello This month we both congratulate and sadly say farewell to our Vice-Chairman, Glen Feist, who has been promoted to head the MLA Japan office. Glen has also been selected to lead the advocacy on behalf of industry in the upcoming FTA negotiations. On behalf of the Board and AustCham members, we wish him and his family all the best on the move to Japan. We will miss you! Since his arrival in 2003 as MLA Regional Manager for Korea, Glen has made a huge contribution to the Australian business community here and to the Chamber. He has been an active member of the Chamber Board (initially ANZCCK) from the moment he arrived and has served as a Director (2004-2009), Vice Chairman (2005, 2007, 2009) and Chairman (2006). MLA has been a staunch supporter of the Chamber and a generous (Silver and Gold) sponsor (2004-current). No special Chamber or ANZA event has gone without Aussie meat generously provided by MLA. Thank you. We hope to see Glen back in Seoul from time to time.
We also wish to welcome Jim Lim, who will be taking up the position of MLA Regional Manager, Korea, from Glen. Jim has 18 years of corporate experience in Australia, Korea and Hong Kong and was a director of ANZCCK during 2003, 2004. We look forward to continuing the close relationship between the Chamber and MLA under his leadership.
AustCham Upcoming Networking Events For event details and to register for Chamber events, please visit our website at: www.austchamkorea.org/events Thursday, 20 August: Breakfast Forum with Peter Underwood (IRC Limited) Friday, 28 August: Sundowner at Boomerang Bar Thursday, 17 September: Breakfast Forum with Paul Gruenwald (ANZ Bank) Saturday, 26 September : Sundowner/AFL Grand Final BBQ
ANZA and ANZA Social Events The Australia New Zealand Association (ANZA) is a fun, family oriented social group which gives Australians and New Zealanders in Korea (plus other nationals) a chance to meet and socialize. ANZA holds regular functions monthly and annually. For additional information and event details please visit: www.anzakorea.com
Advertising with AustCham Korea Let us promote your company and your services to AustCham’s members and friends. AustCham Korea offers a number of attractive of advertising options. For details and rates, please contact: Pilar at: [email protected] Thank you to companies advertising in our July Issue : AGS Four Winds FKI-IMI Global Business School MLA The Executive Centre Australian Education International Gold Coast City Council QANTAS Tourism Australia Campbell & Co JW Marriott Seoul Global Centre APP
April ̸ May ̸ June 9 Australia Chamber of Commerce in Korea
Australian Embassy Update
Visit by Korean Trade Minister Leading Australia's Future in Asia (LAFIA) The Korean Minister for Trade, HE Kim Jong-hoon, visited The Australian Embassy hosted the Leading Australia’s Future Australia in May for bilateral trade and economic talks with in Asia (LAFIA) delegation from 12 to 19 June. The Australian Australian Trade Minister, Simon Crean. In addition to Government launched the LAFIA program to enable senior launching the bilateral FTA negotiations, the ministers also executives in the Australian government to gain insights into discussed the importance of bringing the WTO Doha Round to the politico-economic, strategic and socio - cultural dimensions a close and working through the G20 to address the global of countries in Asia and the Pacific. financial crisis. The delegation of 10 senior officials held talks with a range of Minister Kim was also able to experience a unique part of ROK economic and foreign-policy experts, with discussions Australian culture during his trip, a visit to the MCG to see centering on the global financial crisis and the North Korean Carlton play Collingwood. Some of Korea’s best known nuclear crisis. Macquarie Group and AustCham hosted companies are key sponsors of the AFL and other football discussions on the Australian experience in the Korean clubs in Australia. business environment. The delegation also visited the DMZ, the United Nations Memorial Cemetery in Busan, and Launch of Free Trade Negotiations POSCO's steelworks in Pohang. May 18 saw the official launch of our bilateral free trade negotiations by our two trade ministers. The talks follow the March agreement by President Lee and Prime Minister Rudd to begin formal FTA negotiations between Australia and Korea.
Officials from both sides met in Canberra from 18 to 22 May following a series of successful preparatory talks in 2008 and 2009.
According to Mr Crean, Australia will be pursuing a comprehensive and commercially meaningful FTA with South Glen Feist, AustCham Vice-Chairman, addresses the LAFIA Delegation Korea - one that allows us to expand the traditional elements of members at the June 19 meeting. what is already a very substantial commercial relationship, but also Development Assistance Talks opens up new opportunities, particularly in services and investment. Director-General of AusAID, Bruce Davis, visited Korea in The second round of talks will take place in Seoul in the first May to discuss coordination in the development assistance week of September. field with the Ministry of Foreign Affairs and Trade, the Korea International Cooperation Agency and the Korea Exim Bank. This took place under the Joint Statement on Enhanced Global and Security Cooperation and the attached Action Plan, concluded by President Lee Myung-bak and Prime Minister Kevin Rudd during President Lee’s visit to Australia in March.
Credentials Visit to North Korea Ambassador Gerovich visited North Korea from 8-12 June to present credentials to Kim Yong-nam, the DPRK Head of State. The Ambassador also had meetings with the Foreign
Trade Ministers Simon Crean and Kim Jong-hoon at the launch of the Australia- Minister Pak Ui-chun and other senior officials. The Korea FTA negotiations Ambassador outlined to North Korean officials the Australian
10 April ̸ May ̸ June www.AUSTCHAMKOREA.org
government’s deep concerns about North Korea’s recent for new, clean and renewable energy, and discussed issues nuclear and missile tests. He urged the North Korean including climate change, emissions trading and energy government to return to dialogue and comply with UN technology under the theme of ‘green growth’. This was the resolutions. While in North Korea, the Ambassador also took second visit to Korea by an Australian group under the the opportunity to visit the sites of Australian-funded World program. Food Program and UNICEF aid projects outside Pyongyang, in North Hwanghae province. Successful ‘Australia in May’ Events The Embassy arranged for a series of Australian performing arts groups to visit Korea and entertain audiences in a special ‘Australia in May’ showcase. The Australian groups that performed included Strange Fruit, Snuff Puppets, Way Out West, Windmill Performing Arts, Patch Theatre Company, Men of Steel and Expressions Dance Company. They performed at a range of different festivals and art centres in various cities around the country. The performances were very well received and audiences were impressed with the talent and diversity of the Australian performing arts scene. Ambassador Gerovich receives a briefing from UNICEF representatives on a gravity- fed water sanitation project in Yontan county, North Hwanghae province. Screen Linkage Project between Nabi Art Centre 2009 Release of Offshore Petroleum Exploration Areas and Federation Square Pty Ltd Officials from the Department of Resources, Energy and At the launch of the Open Theatre in Tomorrow City, Songdo Tourism and Geoscience Australia visited Seoul in June to Free Economic Zone (Incheon), audiences will be treated to a present Australia’s 2009 Release of Offshore Petroleum live telematic event between the cities of Incheon and Exploration Areas. The Australian delegation met with and made presentations to 15 separate Korean government Melbourne as part of a Screen Linkage project. The event will organisations and companies. 2009 saw the release of 31 areas take place from 7-9pm on Friday 7 August. Ambassador Sam located across five offshore basins, covering a range of Gerovich and his Korean counterpart in Australia will prospectivities, water depths, and play types. The annual participate in the event, along with a number of Australian and release of acreage for petroleum exploration enables long-term Korean performing arts groups. planning for the industry and access to comprehensive geological and geophysical data. Embassy News We would like to take the opportunity to farewell Mary-Jane Australia-Korea Foundation boosts cooperation Liddicoat, our Education Counsellor, who completed her on ‘green growth’ posting in July. Mary-Jane will still be in Seoul, so we may A group of Australian environmental and renewable energy still see her out and about at Australia-related events. We experts visited Korea in June under the Australia-Korea welcome Mary-Jane’s replacement, Dean Woodgate, and also Foundation Next Generation Leaders program. While in Gail Banks, Second Secretary and Assistant to the Korea, they visited a number of sites relating to Korea’s push Ambassador, who recently arrived in Seoul.
April ̸ May ̸ June 11 Australia Chamber of Commerce in Korea
Australia-Korea FTA Negotiations Update
First Round Australia-Korea Free Trade Negotiations are familiar in some areas, there are also some important Canberra, May 18 differences which will require further discussion.
Korea is seeking to include chapters that would provide for enhanced cooperation in the agricultural and resources sectors. We have told Korea that we will need time to consider Korea’s proposals in these areas.
Productive discussions also were held on various services and The Australian Minister for Trade, the Hon Simon Crean MP, investment topics, although more detailed discussions will be and his Korean counterpart, H.E. Mr Kim Jong-hoon, opened required in subsequent rounds. In addition to further the round during bilateral trade talks in Melbourne on 18 May. discussions on draft texts at upcoming rounds, the two sides This meeting provided an opportunity for an exchange on each have agreed that we will aim to exchange initial services and side’s priorities, sensitivities and goals for the FTA, and investment market access offers between the second and third reaffirmed each side’s strong political commitment to a high rounds of negotiations. quality, comprehensive and commercially-meaningful agreement. Elsewhere, the two sides also had useful exchanges on topics including intellectual property rights, competition policy, Following that opening session, officials conducted four days government procurement and legal and institutional issues. of negotiations in Canberra. The Korean delegation, of about The second round of negotiations will be held in Seoul, 65 officials in total, was led by Director General Choi Kyung- beginning the week commencing 30 August. lim, from the Korean Ministry of Foreign Affairs and Trade (MOFAT). The Australian delegation was similarly sized. The Korea FTA Task Force continues to welcome submissions from interested parties on the expected economic, regional, Overall, discussions were positive. Each side was constructive social, cultural, regulatory and environmental impacts of an in its approach, and all major topic areas were canvassed. On FTA with Korea. Given the good start to negotiations, if you market access for goods, we said that Australia was seeking to do have interests in the FTA, then it is important that you make negotiate a comprehensive FTA that secured real commercial your submission to the Korea FTA Task Force benefits for Australian industry. Korea said that it also wanted ([email protected]) as soon as possible, to ensure the to conclude a high-quality agreement, but stressed that its negotiating team is aware of the relevant issues and can take sensitivities on market access for agricultural products would them into account when formulating our negotiating positions. need to be taken into account. Australia and Korea agreed to exchange initial market access offers (i.e. lists of possible tariff For further details on the FTA, or on making a submission, concessions) in the lead-up to the second round. please go the following websites:
The two sides had constructive exchanges on goods-related http://www.dfat.gov.au/geo/rok/fta/ chapters. Although the approaches being taken by both sides http://www.dfat.gov.au/geo/rok/fta/guidance_submissions.html
12 April ̸ May ̸ June www.AUSTCHAMKOREA.org
Austrade Update
Working with LG to promote premium Australian A breakfast event attracted around 100 targeted top tier wines and Xcanvas "Colour Decanting" technology. business personnel to hear Ambassador Gerovich give an overview of Australia-Korea relations and general investment Australian Ambassador to Korea opportunities in Australia. Mr Scott Oster from the Sam Gerovich decants wine International Market development division of SA DTED then with a Korean sommelier during gave a detailed presentation on business investment a sampling event for Australian opportunities in South Australia. wines at Seoul’s Moohan Art Center on 23rd April. LG A successful 'South Australia' media campaign in Forbes Electronics hosted the event to magazine, the Economist magazine and the Joongang daily promote its newest display provided information about South Australia and promoted the technology for crisper images, upcoming seminars. Two afternoon seminars, open to 'top-tier dubbed color decanting. business personnel' and the general public attracted around 400 business personnel to hear four guest speakers and then partake Australian Ambassador to Korea Austrade worked with 40 in a forum style discussion. Guest speakers included Mr Sam Gerovich decants wine with a wineries to promote 150 Korean sommelier YoungSeok Son, "The Korean experience in Adelaide" Australian wine brands. 300 key (Forbes) and Mr David Lee "Education in Adelaide" (Digital sommeliers and wine industry people enjoyed an opportunity Times). to experience wide range of Australian wines, blind tasting event and wine & art auction.
There are many fine Australian wines available in Korea. For information about sourcing Australian wine for the Korean market, please contact Myung-jin Kim, business Development
Manager on 398 2800." Mr Scott Oster, Government of South Australia, Department of Trade and Economic Development.
Aussie "Sunshine Kebabs" come to Korea! In this land of wall-to-wall food franchising, there is a new Australian brand you might come across. The Rockhampton based "Sunshine Kebabs" has been brought to Korea by KNH International, a Korean franchising firm which operates the "Rotiboy" (bread outlets) and "Daily Brown" (coffee shops) in Korea. Currently there are Sunshine Kebabs outlets in Jung- Ambassador Gerovich (right) with LG VP Marketing Team, Mr Wu-kyeong Lee no; Shin-sa Station; and at the Hyundai Department Store at (second from right) COEX. There are plans for many more Sunshine Kebabs Raising awareness of Investment opportunities in outlets across Korea. Austrade helped K&H find this Kebab franchise in Australia. South Australia. During June Austrade worked closely with the Government of As they say in Queensland "You'll be wrapped"! South Australia's Department of Trade and Economic Development ( SA DTED) to host a series of seminars at the Shilla For further information regarding Hotel. Targeting top-tier Korean business personnel, the seminars investment opportunities in Australia or were aimed to promoting awareness of both large scale and small South Australia please contact Austrade, scale business investment opportunities in South Australia. Tel 02 398 2800
April ̸ May ̸ June 13 Australian Education International (AEI)
Seoul Global Center www.AUSTCHAMKOREA.org
Study in Australia Update
Australian Education International
In March, Deputy Prime Minister Gillard On 18-19 June, 128 Korean education agents received two days of announced that international education intensive agent training delivered by AEI and International activities would be reprioritised to raise Education Services (IES) experts at the Seoul Education and Cultural Australia’s international education reputation Centre. The specially designed course sought to raise further the level in an increasingly competitive marketplace. of knowledge and professionalism and enthuse agents about Australia as a destination. Overall, the atmosphere of the two day workshop was The campaign Study in Australia 2010 will collegiate. Feedback was positive and enthusiastic. see $3.5 million redirected to specific measures in existing major source countries As an incentive for agents to qualify, AEI has offered to waive the A$400 Australian Ambassador HE Sam Gerovich opens such as China, India, South Korea, Indonesia, fee of the EATC formal assessments for selected agents and will sponsor the agent training in Malaysia and Thailand over a nine month the highest scoring agent on a familiarization trip to Australia. Seoul on 18 June. period.
In May and June 2009, Australian Education International Korea sponsored a range of activities under the 2010 banner, including:
On 29 May, AEI hosted the inaugural TESOL strategic seminar and EBS TV news announcer introducing the AEI 2010 networking session to provide Australian education representatives feature on innovative with insights into Korea’s current English education reform, plans and Australian schools science teacher training opportunities in Korea. More than 40 representatives education on 19 June. from Korean municipal offices of education, government agencies, English education associations and local institutions attended. On 20-27 June, AEI sponsored a four person crew from the Feedback from both sides indicates that this session was extremely Educational Broadcasting Services (EBS) TV network to visit useful, enabling both to share market information, develop valuable Australia to film innovative approaches to teaching and learning. On contacts and to generate real and productive outcomes. 19 June, EBS news broadcast a major piece on Australian education centered on the participation by Korean students in the Australian Science and Mathematics’ High School’s international science fair. In July, EBS is planning an hour long ‘Talk and Issue’ panel discussion on a similar theme.
AEI plans to hold a range of other 2010 events and information Students waiting for campaigns in the media and online over the coming months. individual counselling at the TESOL public information event on 30 May. Why Study in Australia 2010? On May 30, AEI and Austrade jointly hosted a TESOL public information event to raise Australia’s profile as an experienced and In these difficult economic times, graduates with Australian high quality TESOL provider. Some 330 prospective students and qualifications stand out because their skills are relevant, teachers attended the four-hour public event where they received recognised and sought after by employers around the world. individual counselling from Australian providers. Australian providers They have a unique point of difference in their education, assessed the quality of the visitors and their interests as very high. qualifications and life skills in an increasingly difficult global labour market and we know they are achieving success in professional and personal pursuits around the world.
Australian education providers give students the skills, experience and exposure they need to embrace the opportunities of a globally competitive future and Australia gives them the freedom to achieve More than 100 education their academic goals in a secure and English-speaking country. agents participating enthusiastically in the These are all reasons Australia is a great place to study in 2010 and course. beyond.
April ̸ May ̸ June 15 Australia Chamber of Commerce in Korea
AustCham Charity Update
2009 Gapyeong Valley Commemorative Service Each year, veterans of the Korean War and members of the Australian and New Zealand communities in Korea hold a commemorative service at the Australian and New Zealand Memorial in the Gapyeong Valley, 60km north-east of Seoul. This year the service was held on Friday 17th April on a sunny spring morning.
Now a peaceful valley surrounded by blossoms, it is hard to reconcile the Gapyeong area of today with the events of the Battle of Gapyeong in April 1951. In fact, many of the returning diggers say they canůt identify any remaining features of the landscape from their wartime service there. The Australian Defence Attache Colonel Greg Baker and Australian Ambassador HE Sam Gerovich both addressed the solemn service. Many Australian and New Zealand expats in Korea make the trip to Gapyeong each year, which was noted by Ambassador Gerovich. This yearůs service was attended by several AustCham members.
For many years now, it has been the practice to awardŰ Battle of Gapyeong Commemorative Scholarshipsűto schoolchildren of the Gapyeong High and Middle Schools. This year AustCham sponsored one scholarship for each of the schools. The recipients of these scholarships have been selected by their Victorian Bushfire Appeal donation schools as deserving, based on their academic ability and economic need. These scholarships serve as a living memorial AustCham has donated one million won to the Bushfire to those Australians who lost their lives in the Korean War. Appeal in Victoria, following our successful fundraising event at the February Sundowner. The money will be distributed to those families who suffered losses in the fires.
Upcoming charity events In the coming months, AustCham is planning to organize a practical charity event where instead of fundraising for cash, we can give our time and energy as a group to a worthy cause here in Korea. We are currently working with Presenting the AustCham Scholarships the Salvation Army to identify an appropriate activity.
AustCham plans to continue our long-time association with Cochlear, by supporting young cochlear ear implant recipients from low-income families to receive Speech Pathology and achieve functional communication for the first time. The cochlear implant was developed in Australia and we hope to invite a Cochlear executive to speak to the Chamber later this year about the organizationůs work here in Korea. Australian Ambassador HE Sam Gerovich addressing the Gapyeong Service
16 April ̸ May ̸ June www.AUSTCHAMKOREA.org
ANZAC Day Remembered in Seoul - April 25
ŮThey shall not grow old, as we that are left grow old; Age shall not weary them, nor the years condemn. At the going down of the sun and in the morning We will remember them!ů
Ode from 'For the Fallen', a poem by the English poet and writer Laurence Binyon published in London in The Winnowing Fan: Poems on the Great War in 1914.
Dawn Service, Korean War Memorial With this in mind, AustCham and the Kiwi Chamber members came ANZAC Day - 25 April, is probably Australia's most important national together on Saturday evening, at occasion. It marks the anniversary of the first major military action fought the Oak Room, Millennium Hilton, by Australian and New Zealand forces during the First World War. to remember our war heroes in the ANZAC stands for Australian and New Zealand Army Corps. The soldiers best of traditions - by having a few in those forces quickly became known as ANZACs, and the pride they soon beers and enjoying a delicious took in that name endures to this day. [1] BBQ and buffet menu, and learning how to play two-up. We were joined by Assistant Defence In the early hours of 25 April 1915 troops of the Australian and New Attache Lieutenant Commander Chris Smith and members of the Zealand Army Corps (ANZAC) landed on Turkey’s Gallipoli Peninsula Australian and NZ forces visiting Seoul, together with Ms Liz Beattie MP, as part of a larger allied attack to seize the strategic Dardanelles Straits. Parliamentary Secretary of Victoria, Major General Peter Haddid (retired), The ANZAC forces were met by resilient Turkish forces that held the and Chaplain John Brownbill RFD (a platoon commander in the Korean Allied attack and prevented it from obtaining the peninsula. The ANZACs stayed on Gallipoli until December 1915, enduring a hostile environment War before becoming a padre), accompanying ten Victorian high school as well as a courageous and gallant enemy. During those long months the students, winners of the 2009 Premier’s Spirit of ANZAC Prize. names of battlefields at places such as Lone Pine and Chunuk Bair entered into the national lexicons of both countries. Sean Rodrigues for AustCham and Chris Cullen for Kiwi Chamber welcomed our guests and spoke about the significance of ANZAC Day Of interest in Korea, in 1951, less than 40 years after the Gallipoli and closed with the following quote: campaign, Australian and New Zealand troops fighting in the Korean War Field Marshall Montgomery commented to New Zealand's Commander, were getting ready to commemorate ANZAC Day and had invited Turkish Lt.-General Bernard Freyberg, “I notice your troops are not saluting me.” soldiers fighting nearby to join them. The celebrations never occurred as “Ah, yes,” replied Freyberg, “but if you wave to them, they'll wave back.” the Communist Spring Offensive, resulting in the defence of Gapyong, was launched on 23 April to capture Seoul and the ANZAC Day commemorations in Korea were cancelled. Perhaps this best underlines that ANZAC Day is about remembering sacrifices and understanding that the desire for peace is universal. [2]
Commemorative services are held at dawn, the time of the original landing, across the nation. Later in the day, ex-servicemen and women meet and join in marches through the major cities and many smaller centres. Commemorative ceremonies are held at war memorials around the country. It is a day when Australians reflect on the many different meanings of war.[3] Dawn commemorative services are also held around the world where Australian communities are present - In Korea, this moving service is held at the National War Memorial in Seoul.
Content sourced from Australian Embassy Dawn Service Invitation [2] and Australian War Memmorial ANZAC Day Tradition [1,3] at: www.awm.gov.au/commemoration/anzac/anzac_tradition.asp
AustCham - Kiwi Chamber Get-Together ANZAC Day also remembers the way ordinary Australian and New Zealanders have risked all to defend their values; from the Boer War and Gallipoli through Korea to Afghanistan. These values emphasize: courage, mateship and larrikinism. The larrikin spirit is reflected in the tradition of the “diggers,” as Australian and NZ soldiers are also known, gathering at local pubs recounting stories over a glass of beer (or two!) and playing the game of “two-up”.
April ̸ May ̸ June 17 Australia Chamber of Commerce in Korea
The Centre for Australian Studies (CAS) Yonsei University
development for Australia in the context of National Broadband Network, and had a roundtable on North Korea matters. To disseminate knowledge on Australia, CAS holds regular AEI- Professor Heejin Lee, Director of Centre for Australian Studies, Yonsei University. He is the sponsored (Australia Education International) seminars. In the Associate Dean, Graduate School of International inaugural seminar in April, Dr Cho, Yong-doo, an economist from Studies, Yonsei University. Before joining Yonsei in 2007, he was a faculty member of University of POSCO Research Institute, gave a very informative talk on Melbourne from 2002. Australia’s economy. Several businessmen from Australian companies operating in Korea attended and added useful input to The Centre for Australian Studies (CAS) at Yonsei University was the seminar. When Dr Moon, Kyeonghee, Changwon National first initiated through the visit of Australia’s Prime Minister Kevin University, talked about Australia’s multiculturalism in June, Rudd in August 2008 and founded in October 2008 at a ceremony attended by President of Yonsei University Professor Kim Han- some of the LAFIA delegates eagerly participated and opened up joong, President of Australian National University Professor Ian dynamic and intellectual discussions. Chubbs and Ambassador of the Australian Embassy in Seoul Mr Peter Rowe. Its mission is to connect Australia and Korea closer A conference on ‘Australia’s multiculturalism and lessons for through research and education. It also offers a venue for Korea’ will be held in September, sponsored by the Australia- Australian visitors from various areas like business, science, Korea Foundation. We have invited four Australian experts to culture, politics, etc. to meet their Korean counterparts as well as share their knowledge and experience. Confirmed speakers the public. The centre is the only one of its kind in Korea. As there include Professor Ien Ang, Centre for Cultural Research at the are few researchers in Korea, if any, who claim Australia as their University of Western Sydney and Professor Des Cahill, expertise, it made a good case for setting up the centre. Intercultural Studies at RMIT. They will present the SBS (Special Broadcasting Service) story and citizenship policies respectively. In Korea, the level of knowledge on Australia, excluding some Through this conference, we believe, Korea will gain practical practical areas such as tourism, is quite low. In particular, there are insights into Australia’s experiences to make a successful only a few academic studies which give a deeper understanding of transition to a harmonious multicultural society. Australian society. This is a shame for a country like Korea, considering its economic size and ambition to become a leader in the To ensure CAS continued success, we welcome your interest and Asia Pacific Region. The major aim of CAS is to disseminate deeper your participation. Please join a seminar when a topic of interest to knowledge on Australia. In this way, we hope, we can contribute to you is presented and come to the conference in September. CAS Australia being better presented and recognized in Korea. can also provide you with a venue if you wish to organize a presentation on Australia. With news of the Korea-EU FTA’s CAS has already set off to a good start in achieving its goals. We approaching conclusion, we could jointly organize a seminar on have hosted many Australian visitors: Julie Owens, MP of the Australia-Korea FTA where AustCham members and Korean Parramatta, Sydney, where many Koreans are living and Rory businessmen gather and discuss. We welcome suggestions and Medcalf from the Lowy Institute, to name a few. Most advice from AustCham members which can make CAS significantly, on the 16th of June we hosted a delegation called sustainable, and beyond that, grow. LAFIA (Leading Australia’s Future in Asia) consisting of twelve senior level Australian Government officers. We exchanged For enquiries, contact Professor Heejin Lee, Director of Centre for interesting ideas on implications of Korea’s broadband Australian Studies, Yonsei University [email protected].
18 April ̸ May ̸ June www.AUSTCHAMKOREA.org Breakfast Forum with Ambassador Gerovich - May 15 Australia - Korea Economic and Trade Relations
excellent match for Korea’s heavy industrialization and mass production capabilities. Australia has long provided much of the inputs that Korea uses to manufacture its high-end products. Korea then sells these products onto world markets. Many of these Korean products are now household brands in Australia.
Australian Ambassador Sam Gerovich, addresses AustCham members and Total two-way trade in goods last year reached around A$23 billion. associates. Korea is Australian’s fourth largest trading partner and Australia’s third-largest merchandise export market. On 15 May, new Australian Ambassador, Mr Sam Gerovich, addressed AustCham members and associates at a breakfast forum at Ambassador Gerovich would like to see growth in Australia’s LNG the Hyatt Hotel. Ambassador Gerovich talked about the deepening exports to Korea. He is also keen to continue to work with MLA to Australia-Korea relations and then took questions from the floor. protect Australia’s beef market share. Other areas in which the Ambassador believes there are good prospects in Korea include Ambassador Gerovich discussed Australia and Korea’s long history of collaboration in R&D based on Australian scientific strengths and defence relations and thanked all members of the AustCham Korea industrial capabilities, as well as emerging opportunities in community who were able to attend the Gapyeong and ANZAC Day green growth, environment and new and renewable energy memorial services in April. Australia’s participation in the Korean technologies. The Ambassador observed that bilateral investment War has truly been vindicated by the strength of the relationship that levels between Australia and Korea have not been strong to date but has since grown between the two countries. Australia and Korea that this is beginning to change. established full diplomatic relations in 1961. The Ambassador emphasised the importance of people-to-people Ambassador Gerovich talked in depth about the Australia-Korea Free links between Australia and Korea. “The connections and Trade Agreement (FTA) and the great potential for expansion, not understanding built through studying, visiting, working and living in only through intensifying established trade, but also in creating new each other’s country is vital to deepening and broadening our opportunities for exporters and investors from both countries. He said relationship.” that concluding an FTA with Korea is among Australia’s highest trade policy priorities. Ambassador Gerovich, referring to Prime Minister Kevin Rudd and President Lee, said, “Our leaders are very like-minded, highlighting “An FTA is a win-win prospect for both countries”, said the the common values and interests Australia and Korea share in the Ambassador. A non-government study in 2007 concluded that an region and globally, as active, middle sized powers.” In addition to the FTA would boost Korea’s GDP by around US$30 billion in the period agreement to start FTA negotiations, they issued a joint statement on to 2020, and Australia’s by US$23 billion. Ambassador Gerovich security cooperation, which recognises our shared interest in clearly stated that the Government is conscious of the sensitivities in enhancing cooperation to address regional and global security both countries. On Korea’s agricultural sector, “Australia simply concerns. hopes to compete in a growing Korean agriculture goods market - but not to hurt Korean farmers”, said the Ambassador. The Ambassador concluded his address by thanking all AustCham members and friends. The Ambassador that the the business community is the core of Korea-Australia bilateral economic relations. As such he welcomes Ambassador Gerovich will also be accredited as Ambassador to both input from the business community to work collectively to strengthen North Korea and Mongolia. the business links between Australia and Korea. A copy of Ambassador Gerovich speech can be access from : The Ambassador said that “Australia and Korea share a trade relationship that is one of the most complementary in the world”. http://www.southkorea.embassy.gov.au/seol/HOM_2009.html Australia’s strengths in mineral and energy resources have been an http://www.austchamkorea.org/publication/publications.php
April ̸ May ̸ June 19
www.AUSTCHAMKOREA.org
Sundowner at the Boomerang Bar - May 22
Thank you to the many members and friends that joined us on May 22 for a successful networking event, AustChamůs famous Sundowner at the Boomerang Bar.
With over 90 guests, it was a perfect opportunity to meet new contacts and catch up with friends and other acquaintances. It was also an opportunity to meet with AustCham Chairman, Sean Rodigues and many of our Directors including: Nashah Lee, Mary-Jane Liddicoat, Harry Lee, Evanor Palac- McMicken & Martin Walsh, as well as representatives from our corporate gold and silver sponsors including: Myoung-Kyun Kim (POSCO), Ben Garcia (AGS FourWinds) and Yangeun Kwon (Bada Education).
Of course, our Aussie meat pies are always theŰ starsűof the Sundowners at Boomerang Bar and our guests were not let down, with plenty to go around. Our members also enjoyed the fresh, crispy vegetables and Korean Kim-Baps, not to mention our Aussie beer and wine.
We look forward to welcoming you at our next event.
April ̸ May ̸ June 21
www.AUSTCHAMKOREA.org
Breakfast Forum with David Richardson - June 9
Consumer preferences and opportunities Normally, Koreans will look for new brands (compared to the US which prefers trusted, old brands). During a downturn, however, Koreans respond well to heritage brands, and are less inclined to try new or experimental goods or services. Niche products are attractive. In addition, find ways to promote the value propositions built into branding in alternative ways.
Focus on the fastest growing segments: - The ‘386ers’ - this is a Korean tag for people who were in their 30s "Marketing out of a downturn" when the phrase was coined, who were educated in the 1980s and born in the 1960s; this group will be the leading influence of the On 9 June, Mr David Richardson, Regional Manager, TNS Korea, social and political agenda for the foreseeable future presented his annual paper to AustCham based on his analysis of - The ‘elderly’ - are also a sizable and influential market segment recent market surveys. This year, responding to the global financial crisis, the presentation was titled ‘marketing out of a downturn’. Opportunities in Korea remain in the areas of luxury and value-for- Over the past 20 years, Mr Richardson has analysed more than 10 money goods and services, while ‘undefined middle of the road’ million Korean consumer surveys, which show the Korean market goods and services are forecast to decline. In a downturn, small responding differently to the ‘global’ (Western) market. The clearest luxuries will replace big ones. example was in 2002, immediately following 9/11, when Western/global consumer sentiment went down, Korean consumer Tips for marketing out of a recession sentiment went up, owing to World Cup soccer fever. Focus your marketing on: In times of global recession, a typical mistake multinational - stimulating instinct (rather than logic) companies make is to take a one-size-fits all approach and to cut back - the family (Koreans won't skimp on their children) all budgets in China and Korea, even though typically these markets - comfort (stressed consumers are willing to spend) continue to offer good opportunities. TNS forecast that - the brand (rather than specific product benefits) multinationals’ market share in Korea would decline over the next - young people (are not sensitive to recessions) five years because of lack of investment (the reverse of the 1997-98 Asian financial crisis). Other tips to appeal to the Korean consumer include: - Offer certainty and trust (consumers are likely to reevaluate more New frontier modes of advertising before buying and will seek new routes of purchase and more information for reassurance before buying) The advertising market in Korea moves very fast and is now primarily - Reward loyalty (it is more important to keep 95 per cent of your online. Traditional advertising in TV and print and magazines has customers than try to win back the 5 per cent you lost in the been struggling since 2008. Many low priced ad spots are now available on Korean TV, a situation previously unheard of. downturn) - Focus on what makes your brand successful The current recession is likely to speed up even more the use of - Don’t cut quality (understand that value for money means different alternative, novel advertising methods such as online forums, cafes things to different people) and blogs as companies try to find cheaper ways to target consumers. - Don’t promote price cuts without cutting your costs (so you can raise However, as yet there are no effective evaluation tools for the return them again after the downturn) on investment of internet advertising; this is ‘frontier and the rules - Make it easier for consumers to choose (how is your brand relevant have not been written’. to the life of a Korean consumer?)
April ̸ May ̸ June 23
www.AUSTCHAMKOREA.org
Luncheon Forum with TS Chung - June 24
“The State of the Korean Economy and Foreign Direct Investment (FDI)” Our speaker for this special AustCham with Korea-Australia Trade/Investment Overview, followed by Forum was Tong-Soo (“T.S.”) Chung, Head a Korean Economy Overview and concluding with a summary of Invest Korea since 2006. of FDI in Korea. 2008 figures show that Korean exports to Australia were US$5.1 billion while imports from Australia Korean born and a naturalized American have increased to US$18 billion. In relation to investment, citizen, TS Chung joined Invest Korea during the first half of 2008 investment from Australia totalled following a successful and distinguished US$64 million, with investment in finance, real estate and career in the United States, where in 1986 he founded the Kim, logistics accounting for approx 86% of all investment from Chung & Lim (now Lim, Ruger & Kim) law firm in Los Australia in 2008. Korean outbound investment to Australia Angeles. For seven years, 1994 to 1999, TS Chung served as during the first half of 2008 totalled US$173 million, with Director of the Office of Export Promotion and Coordination investment in mining accounting for approx 40% of the total and as Director of the Advocacy Center, International Trade amount invested for approx. 76 projects. Administration in the United States Department of Commerce during the Clinton Administration. TS Chung also served as The Korean economy increase in reserves has been insulated Deputy Assistant Secretary for Service Industries and Finance from external shocks and the Government debt is well below (Acting) in the International Trade Administration in 2000. TS that of Korea’s OECD peers, said TS Chung. Korea also aims Chung obtained a Bachelor’s of Arts degree in Sociology from to provide a business-friendly environment by lowering entry- Harvard University, graduating magna cum laude in 1977. In exit barriers, a proposed drastic change in corporate tax rate 1980 he obtained a Master’s degree in Public Affairs from the (2009-2020) and a Systems Innovation via the Capital Markets Woodrow Wilson School of Public and International Affairs at Consolidation Act (2009.2). Korea provides excellent human Princeton University, before entering the UCLA School of capital and the best IT/R&D environment. TS Chung pointed Law where he completed his Juris Doctor in 1984. out that South Korea is a proven market for foreign private equity and strategic investors with the average return for TS Chung’s legal background, plus his wide-ranging foreign financial investors being 325%, between 1999-2008. experience and expertise in international trade made him the ideal candidate to lead Invest KOREA (IK), Korea's national TS Chung concluded his presentation by listing measures taken investment promotion agency. IK was established within the by Korean Goverment to tackle the world economic crisis and Korea Trade-Investment Promotion Agency (KOTRA) with the Global FDI outlook and present-day challenges. A frank the sole purpose of supporting the entry and successful Q&A session followed the presentation. Everyone enjoyed this establishment of foreign business into Korea. With assistance most insightful and timely presentation by TS Chung. extending to comprehensive post-establishment services, IK enables foreign corporations to maximize the benefits of the Our sincere thank you to TS Chung for accepting AustCham's Korean investment environment to ensure their rapid invitation to speak at our Luncheon Forum on June 24th. We settlement in Korea. look forward to the opportunity to welcome Mr Chung at future AustCham Forums. TS Chung’s presentation to AustCham, “The State of the Korean Economy and Foreign Direct Investment” focused on (TS Chung's presentation to AustCham the five most significant steps Korea is taking in 2009 to members and friends can be downloaded from stimulate FDI. His dynamic and candid presentation started the "Publications" section of our website)
April ̸ May ̸ June 25 MLA
JW MARRIOTT Design APP www.AUSTCHAMKOREA.org
Q & A : Jim Lim
Briefly summarize your job and the Great Barrier Reef. I think this place deserves to be seen by all human beings provided they take real good care of the beautiful MLA is a major representative body for environment up there. the Australian Red Meat Industry and our role is to market Australian red meat, What is the biggest challenge you have faced? including beef and lamb, into Korea. We also have a role in assisting the Australian There have been many challenges in my life, both from a personal and Government with FTA negotiations. Once working perspective. I think the best part of any challenge is that you the FTA is signed the Australian Beef get to learn from it and become stronger. I would like to think that Industry, in particular, will benefit from I’ve become a lot stronger and wiser having endured those challenges. the tariff reductions What makes your office a good place to work? What do you like most about your job? I think the office environment needs to be considered a “second” Representing a great brand such as Australian beef or better known as home where the staff can enjoy a family like environment, especially Ho Ju Chung Jong Woo - Australian Beef Clean & Safe. The perks, I in a small office. The MLA Korea team has 10 staff and I hope to guess, are to occasionally sample the wonderful range of quality carry on the good working environment my predecessor Glen Feist Australian beef. has created.
What is your approach to problem solving? Who is the one person you would most like to meet and why? Firstly listen to the problem, seek advice and act on it. The key to President Barak Obama. I am inspired by the determination of this problem solving, in my opinion, is to take action - no action will only individual despite the side of politics he represents and the lead to further problems and issues. background he comes from. I’m sure I would learn something if I ever have the privilege to spend one hour with him! What are your three top service tips? What is your greatest ambition? Listen more - ratio of 2 ears to one mouth should apply! Be proactive - customers like being waited on To qualify for the Seniors PGA tournament’s. I think I have no chance Be transparent - customers do not like dishonesty but we can all dream right?
Who has been the biggest influence in your life? What is your favourite sound? No single person has influenced my life but there have been many Sound of rain and thunder! Is that silly? But it’s got a lot do with people over lifetime whom I’ve advice. Probably my biggest childhood memories and I’ll leave it at that! influence, currently, is my wife! Maybe because I think it preserves the peace! What is the best piece of advice you have ever been given? How long have you been living in Korea? Listen Learn from your mistakes I have lived and worked in Korea from 1999 to 2008 as Country Always say “I don’t know what I don’t know” Manager for Telstra and a few other multinationals. I am happy to Work hard, play hard report that I was a committee member of ABGIK (Australian Business Group in Korea) from 1999~2001 and then served as Where would you like to be in 10 years time? Director of ANZCCK from 2001 ~ 2003. I am very happy to serve again for the Australian Chamber of Commerce in Korea and to start Back in Australia and playing golf every weekend. my second tour of duty in the Land of Morning Calm - or is it the Land of Dynamic Adventure! How do you spend your weekends? I have a young family so we spend a lot of time travelling to all places What is your favourite novel / film? particularly on the NSW coast. One of our favourite places, however, My favourite novel to date has been the Da Vinci Code (sorry) and is to escape to the Blue Mountains and enjoy the natural wonders of my all time favourite film is Ace Ventura (sorry) the Mountains.
What is your favourite place? What are your aims for 2009? We have travelled a lot around the Asia region, US and Europe and Lose weight, improve my golf handicap and ensure Australian Beef my wife and I believe the best place on the earth is Hamilton Island maintains its high market share in Korea.
April ̸ May ̸ June 27 Australia Chamber of Commerce in Korea
Emerging Asia: China leads but can the rest follow?
The following article is an excerpt from the Australian and New Zealand (ANZ) Banking Groupůs Report :Ű Economic Outlook (September Quarter 2009).űThe full report (plus past and future reports from ANZ), can be found at: https://www.anz.com/corporate/economics-markets-research/international-economics/global-economic-outlook/
By Paul Gruenwald, Chief Economist, The “command” structure of the have to be resolved, and our suspicion is Asia and Tamara Henderson, Director, Chinese economy is well-suited to that the relative optimism in the soft data Currency and rates Strategy, Asia, implementing a short-term stimulus may be in for a revision. Australia and New Zealand Banking plan. In essence, state-owned banks can Group Limited be ordered to lend and state-owned The effects of fiscal policy (ex-China) enterprises can be ordered to produce. are showing up across parts of the With the worst of the crisis behind us, The downside is that credit quality and region. (We think monetary policy emerging Asia now begins the road to general resource allocation may suffer, loosening has run its course almost recovery. This will be neither swift nor although this appears to be trade-off the everywhere.) Korea and Indonesia are uniform across the region. Restoring authorities are willing to make to ensure leading the pack in terms of the healthy growth will depend on: (i) economic and social stability. contribution to growth from public demand momentum; (ii) export- expenditure. Both economies posted dependency; and (iii) the likely The rest of Asia does not, to varying solid Q1 outturns and appear to have effectiveness of fiscal policy. We see a degrees, have a China-style economy. good momentum. In other cases, such as risk of a slower than expected recovery (Vietnam is probably the closest in terms Hong Kong and Malaysia, fiscal reflecting a weak recovery of of structure.) So growth will need to spending remains relatively modest. discretionary consumption globally. come from a combination of existing More generally, fiscal spending can momentum, fiscal stimulus and foreign provide some support to growth but is As with many things, China appears to demand. It is important to note that the unlikely to generate a sizeable recovery be a special case. (And a large one at downturn in Asia was driven by sharply in activity, particularly in the small and 1 that with /2 the region’s GDP.) The lower exports and investment as well as more open economies, where leakages authorities’ stimulus plan is clearly declining consumption growth. So any into imports will be large. bearing fruit as evidenced by a recovery will need to be broad-based. turnaround in a broad range of indicators Asia will not recover until foreign spanning the financial sector, “soft” demand for the products it exports survey data, “hard” macro indicators, revives. As we saw last year, the and sectoral data. region’s limited ability to decouple led to the sharp slowdown. Specifically, a recovery in Asia will require a resumption of discretionary spending by consumers in the United States and Europe. This applies to China as well, where the ongoing recovery is We currently see conflicting signs imbalanced owing to the large, domestic between the soft and hard data. The oriented stimulus. Once this resumption former (e.g., PMIs), based on surveys, in foreign demand and exports takes 2% (q/q) in Q2 or 8% at an annual rate, suggest that the pace of activity is place we are likely to see a virtuous the pace desired by the authorities. This is improving. The latter, based on the cycle including a recovery of investment a far cry from the final quarter of last year, actual flow of goods and services, point in the export sectors and a rise in when growth was estimated to have been to activity contacting at a slower pace, consumption growth owing to a rise in zero. Measured on a momentum basis, the but show little sign of actual employment and incomes as well as pick-up in activity is clear (see chart). improvement. This conflict will in time confidence effects.
28 April ̸ May ̸ June www.AUSTCHAMKOREA.org
summer months of the Northern Philippines), meaning that curve Hemisphere - particularly the peak dynamics will be driven primarily by the holiday period from mid-July to mid- longer tenors. Movements at the longer August. Positioning also appears end of the AXJ curves will be hostage to supportive of a pull-back in risk trades perceptions about the strength of the as there has been a re-accumulation of recovery (encapsulating market short USD positions, albeit not as assessments of inflation risk and supply extreme as at the end of last year, but risk as well). sizeable nevertheless. Our projections are for a recovery to Unfortunately, curve steepening trades begin later this year and build gradually. Using behaviour over the past five have the disadvantage of substantial Asia is unlikely to return to trend growth summers as a guidepost, the trimming of negative carry for funded investors. As until 2011 in line with a normalisation of risk has been associated with a such, we would prefer instead to take durable consumer goods spending in the resurgence in USD strength and advantage of curve flattening advanced economies. In term of corresponding weakness in AXJ opportunities offered by episodic numbers, we see the region’s growth currencies. Within AXJ, the Taiwan disappointment about the pace of 3 1 rising from 3 /4% this year to 6 /2% in dollar (TWD), Korean won (KRW), improvement in the global economy, 2010 and 7% in 2011. Excluding China Indian rupee (INR) and Indonesian seasonal (or otherwise) pullbacks in risk and India, Asia’s growth will rise from - rupiah (IDR) have experienced the appetite, or basic consolidation of over- 3 3 1 /4% this year to 3 /4% in 2010 and greatest amount of volatility on average extended market exuberance. 1 4 /2% in 2011. The risks to this “U- during the past five summers. As such, shaped” profile are on the downside, and for those investors that are unable to ride That said, we would avoid tactical a slower recovery will result in a more out summer volatility, we would suggest flatteners: 1/ where the curve is “dragon boat” - shaped trajectory. hedging against weakness in TWD, relatively flat already (i.e. where the KRW, INR and IDR. For those investors risk-reward trade-off is less Currencies and rates that are able to ride out periodic pull- advantageous, such as in Vietnam and backs in risk appetite, we would suggest Taiwan), 2/ where the market is more Although the global economy remains using such retrenchments in risk trades illiquid (i.e. Vietnam), 3/ where the in a sharp contraction, it is the nature of as opportunities to lock in better levels overall steepening bias remains quite markets to focus on “second derivative” to ride USD-AXJ lower into 2010. strong (i.e. Vietnam), and 4/ where developments. As such, the emergence yields and risk aversion tend to be of “green shoots” from aggressive positively correlated (i.e. Indonesia). government stimulus measures and the Based on this set of criteria, we would perception that the “worst is behind us” prefer to implement tactical flatteners - have boosted investor tolerance for risk as opportunities arise - along the local - lifting the currencies in emerging currency curves in Hong Kong, Korea Asia(AXJ) in the process. This broad- and Singapore. based shift in sentiment makes us more bullish about AXJ currencies against the US dollar, although we In terms of AXJ rates markets, our acknowledge that setbacks are likely strategic bias remains for steeper curves along the long road back to trend generally. For the remainder of the year, growth rates. the front-end of the curve should remain One such setback would seem to be firmly tethered (if not headed lower as a quickly approaching, given the tendency result of further monetary stimulus in the for a pull-back in risk appetite during the cases of India, Indonesia and the
April ̸ May ̸ June 29 Australia Chamber of Commerce in Korea
Sundowner at Bar Rouge, JW Marriott - June 26
*Congratulations!! The Winner is: AustCham Idol, James Rhee singing Tom Jones’ classic hit, Delilah AustCham's Sundowners are well known as the ideal event to network and socialize in a friendly and relaxed atmosphere. Our June Sundowner was an extra special event, with the chance for one of our guests to become the first “AustCham Idol.” About 50 guests joined us at JW Marriott Bar Rouge, where we enjoyed a delightful buffet menu with delicious Mediterranean style dishes of pasta and crispy fresh salads, accompanied by fine wines and beer, and finishing off with mouth-watering deserts. Thank you to our adventurous members who participated in the fun-filled completion. All of us were surprised by the singing prowess of the contestants, which made the job of selecting the winner very difficult for our judges. Thank you to the judges for their time and consideration in selecting the winner. Thank you also to JW Marriott for providing the prize for the AustCham Idol winner to enjoy a first class dining experience at Marriott’s Olivo restaurant.
30 April ̸ May ̸ June