The Australia Chamber Of Commerce Australia-Korea Business Awards 2020
This past weekend I was invited to attend the prestigious Australia-Korea Business Awards hosted by the Australia Chamber of Commerce, or AustChamKorea. The Australian Chamber of Commerce in Korea (AustCham) was established in 2008 and now consists of more than 250 members representing Australian services, manufacturing, energy and financial industries.
AustCham supports Australian companies in Korea and Korean companies looking for business opportunities with Australia to meet the interests of both countries. Getting to attend these events as a bystander that isn’t affiliated with a Korean or Australian company makes for a unique experience where I become more of a spectator and it’s brilliant to learn about some awesome companies that are working together here and abroad and making big strides in giving back to the community as well. Here’s a recap of the event, the winners, and then fun that can be had at these events.
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Hosted at the Grand Hyatt Hotel, the 2020 Australia-Korea Business Awards brought out over 200 dignitaries and even more guests to celebrate Australia Day after the awards program. The ceremony is held to recognize companies and individuals who have made significant efforts in expanding trade relations between Korea and Australia.
The occasion featured welcome addresses by H.E. James Choi, Australian Ambassador to Korea, and Mr. Chris Raciti, Chairman of the Australian Chamber of Commerce in Korea, who highlighted the deepening confidence businesses have in each other’s economies.
Regarding the awards, Business of the Year went to Australian bank Pepper Savings Bank for its consumer banking efforts, including providing loans to SMEs and creating jobs in Jeolla and Gyeonggi Provinces. Macquarie Group, celebrating 20 years in Korea, took Corporate Social Responsibility honors for providing volunteers and donations to a wide range of charities in Korea. Australian firm IFM Investors in partnership with Hanwha Asset Management and Hyundai Investments won the Financial Services category for launching a US$420 million infrastructure debt fund in Korea.
Other Korean award winners included POSCO in the Australia-Korea Partnership category; Lotte International Oceania in the Agricultural, Food & Beverage category; the Korea Financial Investment Association (KOFIA) in the Industry Association/Advocacy category; and MoonBear Brewing in the Start-up & Small Business category. POSCO has a joint venture with Australian mining company Pilbara Minerals to build a downstream lithium chemical conversion facility in Gwangyang, South Jeolla Province The joint venture will enable POSCO to secure a stable supply of raw materials for manufacturing batteries.
AustCham Korea received applications for awards from the local community in November and December. The winners were selected by a panel of expert judges from the public and private sectors.
“The awards today highlight the diversity of Australian businesses,” said Ambassador Choi. “While our trade relationship was built on resources, the diversity of tonight’s nominees demonstrates the broad scope of Australia’s modern economy and our bilateral trade relationship with Korea.” This year marks the sixth anniversary of the Korea-Australia Free Trade Agreement (KAFTA) and implementation continues to progress smoothly.
Since the free trade agreement took effect in December 2014, bilateral trade has increased by more than 15%. According to the Australian Department of Foreign Affairs and Trade, Korea is Australia’s third-largest export market, with key exports including coal, liquefied natural gas (LNG), iron ore and beef. In particular, in 2018, year-on-year Korean imports of Australian LNG increased 50% to AUD 5.7 billion; bottled wine went up 37% to AUD 18 million; sheep meat went up 29% to AUD 149.3 million; and fresh and frozen beef went up 25% to AUD 1.4 billion.
Australia’s key imports from Korea include refined oil, automobiles and electrical equipment. “For more than ten years, the AustCham Korea Business Awards have been celebrating and recognizing exceptional companies, organisations and individuals that have contributed to the expanding Australia-Korea business relationship,” remarked Mr. Raciti. “The awards ceremony, which is the chamber’s premier event, demonstrate the success of liberalized trade between our two countries.”
AustCham Korea hosted Australia Day 2020 following the business awards. The event, which was attended by over 500 guests, offered fine Australian cuisine, beer, wine, gin and a visually creative cultural performance by the Ara Dance Company.
I feel like I often have very different experiences at these kinds of events than the professionals that attend them but that doesn’t mean I don’t get just as much if not more out of them. At this event after the awards had finished and the celebrations with food and drink began, I noticed an interesting table filled with Prana Chai products and teas and meandered over to learn more because I’m a chai lover that’s for sure. Prana Chai is a handmade Chai brand out of Melbourne, Australia. They source fresh, whole spices from India, Sri Lanka, and Guatemala and blend them with tea and honey by hand.
While I love chai milk tea, Jayde and Suin Lee introduced me to a new chai recipe out of Japan which is AMAZING for hot summer days. It was a mixture of Prana Chai, apple juice, some soda for fizz and a bit of lemon. It quenched the thirst and was that delightful cinnamony taste I love. If you love chai as much as I do, definitely check out this brand. Their chai is SO GOOD and they have even more interesting receipes on their website.