- WA Government has signed new Letter of Intent with the Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE)
- Letter of Intent to focus on energy transition and downstream processing of resources
- Premier Mark McGowan signed the Letter during the WA Government’s mission to Japan and South Korea
The WA Government has signed a Letter of Intent with the Republic of Korea’s Ministry of Trade, Industry and Energy (MOTIE).
Premier Mark McGowan met with the Minister of MOTIE, Hon Changyang Lee, to formally sign the Letter of Intent and discuss new energy investment opportunities in Western Australia.
The historic Letter of Intent will promote cooperation between Western Australia and South Korea in the development of emerging industries including renewable hydrogen and ammonia, and carbon dioxide capture, utilisation and storage.
MOTIE is an entity of the Government of South Korea that is committed to providing a foundation for economic growth in the areas of commerce, investment, industry, and energy.
South Korea is Western Australia’s third largest trading partner, with total trade of $18.5 billion in the 2021-22 financial year. Western Australia accounted for 36 per cent of Australia’s merchandise exports to South Korea in 2021-22.
As stated by Premier Mark McGowan:
“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.
“By signing an agreement with MOTIE, we are establishing a formal relationship to promote economic collaboration in the new energy and downstream processing sectors between Western Australia and South Korea.
“I look forward to Western Australia and South Korea continuing to deepen our strategic partnership into the future.”
