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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank") announced on September 5 that it signed a Memorandum of Understanding (MOU) titled ‘MOU to Collaborate on Stabilizing Supply Chains for Core Minerals’ with Export Finance Australia*(”EFA“) at Korea Eximbank‘s headquarters in Seoul, Korea.
*EFA(Export Finance Australia) : Established in 1957, it is Australia’s state-owned export credit agency with a mission to support Australian companies’ export and overseas businesses.
ㅇKorea Eximbank Chairman Yoon Hee-sung met with EFA CEO John Hopkins, who visited Korea to attend the ‘Korea·Australia Joint Council Meeting,’ and signed the MOU.
ㅇThe key provisions of the MOU include: △securing core mineral supply chains △ promoting hydrogen, renewable energy and carbon capture, utilization and storage(CCUS) projects and △ reinforcing cooperation in infrastructure projects in the Indo-Pacific region.
□ This MOU is expected to establish a practical foundation for the agenda of the ‘Core Mineral Supply Chain and Carbon Neutrality Cooperation,’ which had been agreed* upon by the two countries during the previous Korea-Australia summits in 2022 and 2023.
* ‘MOU to Cooperate on Core Mineral Supply Chain’ and ‘MOU to Cooperate on Carbon Neutrality and Hydrogen’ (December 2021), reaffirming necessity for cooperation in stabilizing supply chains and achieving carbon neutrality, discussions for which took place during the bilateral summits in June 2022 and May 2023
ㅇ Going forward, if Korean companies invest in minerals in Australia, including lithium and nickel, which are essential for producing batteries, Korea Eximbank and EFA will jointly provide financing.
ㅇ Additionally, the two institutions plan to collaborate on addressing the increasingly severe issue of climate change by jointly financing hydrogen and renewable energy projects.
□ Following the MOU signing, Korea Eximbank Chairman Yoon remarked, “Australia possesses abundant mineral resources as well as hydrogen energy sources. If it cooperates with Korea, with strong technology in electric vehicle and hydrogen utility sectors, I expect this MOU will yield significant synergies.”
□ During the signing ceremony, EFA CEO John Hopkins said, “Our institutions are committed to regional development through cooperating on infrastructure projects in the Indo-Pacific region, as well as collaborating on stabilizing supply chains.”
□ Meanwhile, once the ‘Framework Act on Supply Chain Stabilization for Economic Security’, which was resolved in the Strategy and Finance Committee under Korea’s National Assembly on August 24, is enacted,
ㅇ Korea Eximbank will support supply chain stabilization projects in areas that are considered essential for ensuring national economic security by operating the ‘Supply Chain Stabilization Funds’.