Joint Statement

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					                         Joint Statement

1. The 27th Joint Meeting of the Australia Korea Business Council and the Korea
 Australia Business Council was held at the Hyatt Regency Hotel in Perth Western
Australia, on 26th May 2006 and attended by over 80 business men and women from
both countries. Mr. Bill Shields, Chairman of AKBC, led the Australian delegation
consisting of 45 business leaders and Mr. Ku Taek Lee; Chairman of KABC led the
Korean delegation consisting of 37 business leaders.
From the Government, the Hon Kim Chance MLA Minister for
 Agriculture Fisheries and Forestry and representing the Premier of WA and the Hon
 Julie Bishop MP, Minister for Education Science and Training provided the opening
address and the keynote speech at the closing dinner respectively. H.E Chang Beom Cho,
 Korean Ambassador also addressed the opening session of the Joint Meeting.

         2. In his opening remarks Chairman Bill Shields welcomed participants to Perth
in WA and thanked the Korean delegation ably led by Chairman Ku Taek Lee for their
participation. He paid special tribute to Chairman Lee for his unfailing efforts to bring the
two business councils close together over the past 5 years. He congratulated Chairman
Lee on his recent Companion of the Order of Australia (AC) award in recognition of his
Career in Posco and more recent his leadership of KABC, to build the business
relationship, between Korea and Australia. He also noted the depth of participation in this
year’s meeting.

        3. In his opening remarks KABC Chairman Lee welcomed participants and
thanked Chairman Shields for his congratulatory words. He went on to outline the work
being done in Korea to become more involved in technology and specially biotechnology
.Not withstanding the investment in the resources in Australia and other countries by
Korean companies continued to be of major importance in securing long term supplies of
energy and raw materials for the manufacturing sectors of the economy in Korea.

        4. In his opening address to the meeting the Hon Kim Chance MLA and Minister
for Agriculture in WA welcomed delegates to WA on behalf of Premier Alan Carpenter.
Minister Chance outlined the strong ties between Korea and Western Australia outlining
that 25% of Western Australia’s exports was destined for Korea in 2005. He also outlined
the opportunities for further development of the relationship between Australia and Korea
by continuing the already mature industries of agriculture, minerals and energy and
forestry and further develop education, tourism biotechnology and Information
technology to the benefit of both.

         5. Ambassador Cho in his welcoming address welcomed delegates and noted the
agenda for the joint meeting tackled some of the major issues between Australia and
Korea and Korea and Australia and he looked forward to the outcome of the days
meeting. The FTA issue between Korea and Australia was not high on the Korean
government’s agenda due to the concerns involved including sensitivity of the agriculture
sector in Korea. He would be looking to business to put forward its thoughts on
addressing the FTA issue.
        6. A new feature of this year’s joint meeting was a CEO forum which provided a
stimulating and interesting debate on a number of issues from finance to resources and
Free Trade Agreements. This format provides a new way of achieving robust discussion
between participants and the audience. It was agreed the format should continue in the
future meetings. Questions and answers reflected some of the issues facing Korea in the
areas of labor and corporate governance. Mr. Kun ho Cho Vice Chairman and CEO of
FKI outlined a proposal to investigate the opportunity for Australia and Korea to work
together to develop a framework for discussion on development of the biotechnology

       7. In the afternoon the three sessions on FTA’s, information technology and
Biotechnology provided a sound base for discussion and debate.

        8. The two councils noted the significant mutual benefits which would accrue
from the conclusion of a comprehensive free trade agreement between Korea and
Australia and they encouraged their respective governments to open dialogue on the

         9. It was agreed that within that framework there should also be discussion on
biotechnology and in particular the two councils should further investigate the areas for
cooperation in developing projects and infrastructure to open up a market through the
combination of Korea’s world class IT development and Australia’s prominent BT

        10. In the Resources sector it was noted the strong relationship that continues and
opportunities that existed in the energy area.
As part of the program some 29 members of the delegation visited Karratha as the guests
of Woodside BHP Billiton, NWSLNG and Rio Tinto Australia the day after the joint
meeting to view operations first hand.

        11. Both delegations were pleased with the outcome from the 27th Joint Meeting
and it was agreed that the 28th Joint Meeting would be held in Korea at a mutually
convenient date.

   …………………………..                               …………………………….
    Mr. Bill Shields                           Mr. Ku Taek Lee
    Chairman AKBC                              Chairman KABC
    26th May, 2006                             26th May 2006