NSW Minister for Industry and Trade Anoulack Chanthivong has returned from a successful trade mission to the Republic of Korea (Korea) and Japan, where he signed an international Memorandum of Understanding (MoU) with Japanese housing development body Urban Renaissance Agency.
Minister Chanthivong also met with senior representatives from the Government of Chungnam Province in Seoul to lay the groundwork for a MoU to be signed today between
Korea’s Advanced Institute of Science and Technology (KAIST), and the University of New South Wales (UNSW).
The MoU with Japan’s Urban Renaissance Agency expands an existing agreement around support for Bradfield City and the new Western Sydney Airport into a statewide partnership on investment promotion, with a particular focus on Transport Oriented Developments.
The MoU being witnessed by Minister Chanthivong and signed by both KAIST and UNSW will see greater academia-industry collaboration as well as joint research and development initiatives, with a particular focus on the mobility and biotechnology sectors, and the commencement of a startup exchange program, including support for workspace provision and investor connections.
The broader trade mission highlighted opportunities to strengthen trade and investment outcomes with Korea and Japan, which are both priority markets in the NSW Government’s Trade and Investment Strategy 2035.
The Strategy details the Minns Labor Government’s 10-year plan to grow and diversify NSW exports, attract investment, and to strengthen our new and existing industries.
Meetings and site visits were held in Seoul, Tokyo and Osaka, with companies that are global leaders in clean energy production and modern methods of construction, including Samsung Construction & Trading Corporation, Hyundai Motor Group, Idemitsu, and Mitsubishi Heavy Industries.
The Minister also reaffirmed NSW’s commitments to its longstanding Sister State Agreements with the Seoul Metropolitan Government and the Tokyo Metropolitan Government, held briefings with Australia’s Ambassadors to Korea and Japan, and delivered a major speech to Japanese corporate leaders at the World Expo 2025 in Osaka, where investment opportunities in NSW are being showcased on the global stage.
As two of NSW’s most valued trading partners, Minister Chanthivong was pleased to secure investment opportunities with the nations of both Korea and Japan, to strengthen and diversify our economic relationships around the NSW Government’s Industry Policy missions of Housing, Net Zero & Energy Transition, and Local Manufacturing.
Both countries will be key partners as we seek to deliver long-term economic prosperity.
Read the NSW Trade and Investment Strategy 2035 here: https://www.investment.nsw.gov.au/why-nsw/resources/nsw-trade-and-investment-strategy/
Read the NSW Industry Policy here: https://www.investment.nsw.gov.au/why-nsw/resources/nsw-industry-policy/
Minister for Industry and Trade Anoulack Chanthivong:
“Strengthening the NSW economy is one of the top priorities of the Minns Labor Government.
“Korea and Japan are both longstanding and likeminded trading partners, with two-way trade between NSW totalling $28.4 billion and $15.9 billion respectively.
“I was delighted to visit both countries last week and meet with government leaders, businesses and investors, to highlight the objectives of the new NSW Trade and Investment Strategy 2035, which provides a clear path towards a more productive and resilient NSW economy.
“I was also very pleased with the outcome of securing not one, but two international MoUs – one signed between the NSW Government and Japan’s Urban Renaissance Agency, and the other signed between Korea’s Advanced Institute of Science and Technology and UNSW.
“These MoUs will play a key role in achieving the outcomes of the Minns Labor Government’s NSW Trade and Investment Strategy 2035, which seeks to maximise every international trade and investment opportunity that we can.
“The NSW Government is doing all it can to unleash the potential of the state’s global competitiveness to deliver better trade and investment outcomes for businesses and the people of NSW.”
President of Urban Renaissance Agency (UR), Masaru Ishida:
“I was honoured to meet with Minister Chanthivong and sign the MoU.
“I believe UR’s experience will be useful in addressing the housing shortage and urban issues in NSW.”
Vice Chancellor of University of New South Wales (UNSW) Attila Brungs:
“UNSW is delighted to partner with Korea’s Advanced Institute of Science and Technology (KAIST), and proud to align the University’s mission with the NSW Trade and Investment Strategy 2035.
“Through partnerships with leading global institutions such as KAIST, UNSW is deepening our engagement in Korea and the region, and sharing our dedication to progress for all.
“UNSW has a long history of educating students from Korea.
“We are committed to collaborating with trusted international partners, demonstrating our expertise on the global stage and driving progress in areas such as renewable technologies, green skills, life sciences, healthcare, and innovation.”
Korea’s Advanced Institute of Science and Technology (KAIST) Senior Vice President Prof. Kyung-soo Kim:
“We believe our partnership with UNSW will serve as a catalyst for turning academic excellence into real-world impact, and incubating university-led global startups.
“Under this collaboration, we aim to lead innovation in key areas such as mobility, biotechnology, and climate technology.”