Downunder Update

Downunder

UPDATE

Newsletter of the Australian Chamber of Commerce in Korea 1st Quarter 2012

Martin Ferguson Breakfast Forum

Australian Business Awards

Korean Australian Alumni Dinner Event

Commonwealth Chambers Evening

SPONSORS

AUSTCHAM 2011 GOLD SPONSORS

AUSTCHAM 2011 Silver SPONSORS I N T E R N A T I O N A L

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M O V E R S

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Downunder update | 1

1st Quarter 2012

TABLE OF CONTENTS Message from the Chairman

3

Australian Business Awards

4-5

Martin Ferguson Breakfast Forum Embassy Update

8-9

Austrade Update

10-11

ANZA Melbourne Cup

12

Commonwealth Chambers of Commerce Networking Evening

14

ACO Mini Concert

16

Yeosu Expo

17

Macquarie Global Economic Outlook

19

Korean Australian Alumni Dinner

20

Interview with Brendan Berne

22

Community Photos

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Designed and printed by 10 Media Address: 10th floor Hannam Building 211 Itaewon-ro, Seoul, 140-893 Phone: 02-3447-1610 • www.10mag.com

24-25

MESSAGE Chairman

Message from the Chairman

Peter Feltis

I

Dear Members, t’s with great pleasure that I welcome you to our latest edition of Downunder Update, the first for 2012, and also to write to you as the new chairman of AustCham Korea.

First, I must give a great many thanks to 2011 chairman Jim Lim, for his outstanding efforts in driving the chamber forward. I hope to continue Jim’s momentum and build a bigger and better chamber for all members this year.

I would also like to welcome the four new directors to the board (Diana Underwood, Young-in Cho, Jeff Bang and Scott Walker) and, of course, all the continuing directors. Their combined experience and energy will ensure the chamber continues to develop and deliver services for members.

The executive committee was also elected in January and resulted in Matthew Holmes and Graham Dodds being elected as vice chairs and Robert Quinlivan returning as treasurer. The excom is a great blend of continuity and experience and we look forward to working closely with mem-

bers, sponsors, the embassy and Austrade during this year.

2012 promises to be an exciting year for the Australia-Korea partnership and AustCham Korea.

We look forward to the conclusion of the Korea-Australia FTA, greater interaction in trade, investment, culture, education and sport between the two countries, the Expo 2012 in Yeosu and the chamber working hard to meet its core objectives – providing information, networking and advocacy for its members.

I also wish to invite members to actively participate in the chamber’s activities including our efforts to contribute to the Korean community, attending networking functions, participating in various committees or raising issues or concerns where the chamber can help or support your business.

I look forward to meeting you during the year and hearing your ideas and suggestions.

All the best, Peter Feltis

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Event Review Australian Business Awards

NOVEMBER 10, 2011

Austcham Year of Friendship

AUSTRALIAN BUSINESS AWARDS 2011

AustCham held its Year of Friendship Business Awards gala dinner, the premier event for 2011 for the Korean and Australian business community, at the Grand Hyatt Hotel on Nov. 11. The night began with a warm welcome by hosts Lachlan Winner and Michael Kocken.

Members and guests were also welcomed by AustCham Chairman Jim Lim and the Chamber’s Patron, H.E. Sam Gerovich, Australian Ambassador to Korea, who praised the Chamber for its dedication and initiative in hosting the event. In his opening remarks, he observed that the

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“business awards demonstrate the strong and vibrant economic relationship between Australia and Korea.”

lence Award and Best Services.

The finalists for Best SME were Bora Fashion, Incoaching and Ingeus, with Ingeus taking the In between awards, guests dined prize for helping over 5,000 on a sumptuous menu of salmon Koreans move from dependence confit, chicken ginseng soup, to independence in the last two espresso-spiced Australian grain- years by finding them employment. fed beef and green tea panna cotta, complimented wonderfully

by Arlequin Pinot Gris & Chardon- The Trade Excellence Award finalists were Blackmores, Botany nay and Chandon Rose. and Compacks, with Compacks During the evening a total of six receiving the award in recognition of over 20 years of service awards were presented. Three of the awards were competitive in promoting processed Austraawards; Best SME, Trade Excel- lian food in the Korean market.

Event Review Australian Business Awards

The final category of Best Services featured three 5-minute ‘pitches’ by Nick Dunn of Barun Law, John Walker of the Macquarie Group, and Yong-in Cho of Pure Commerce. Afterward, the audience voted via SMS texting.

Voting was close but Pure Commerce won the prize.

sustainable relations between Korea and Australia. Samsung C&T was chosen as Investment of the Year for its role in the Victorian Desalination Project, which aims to produce 150 billion litres of drinking water a year once operation begins by the end of 2012.

KEPCO (the Korea Electric Power Corporation) was awarded the Chairman’s Award for its role as a major importer of Australian energy products and for its subThe three non-competitive prizes stantial investment in Australia. were awarded to individuals and companies that showed commit- The final award for the evening, ment to developing long-term the Year of Friendship Award, The half-time entertainment for the evening was provided

by Bora Fashions and their stunning designs.

was presented to Mrs. Pyo Mi Sun for providing great support to Australian artists and galleries during the 2011 Year of Friendship.

The Chamber would like to thank the generous support of our Award Sponsors ANZ Bank, Austrade, Chevron, Corrs Chambers & Westgarth, POSCO, Macquarie, and Rio Tinto as well as our Gala Dinner Sponsors MLA, The Grand Hyatt, Chandon, Telston and Tourism Australia. We would also like to thank Mrs. Pilar Perez-McKay, project manager for the event, for her tireless efforts.

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Martin Ferguson Breakfast Forum On Friday 22nd of July 2011, AustCham was very proud to host a breakfast forum with Mr. Martin Ferguson, AM MP, Minister for Resources Energy and Tourism as the guest speaker.

More than 70 members and guests listened to the minister speak about the natural trade partnership between Australia and Korea. The minister remarked that in the course of his first visit to Korea in 2009 he launched the newly formed Australian Chamber of Commerce in Korea. He commended the efforts of all chamber members to help the relationship progress.

He outlined what he meant by his phrase ‘natural trading partners’ by commenting on how Australia’s strengths in raw materials and services sit well with Korea’s industrial strengths. He stated that “Korea has one of the most sophisticated engineering industries in the world.

Trade with Australia in this sector alone is worth around $6 bil-

lion. Australia is a safe, reliable and price-competitive supplier of key ingredients for Korea’s economic growth.”

He then went on to comment on the future of the trade relationship, the next major step being the completion of a comprehensive, high-quality free trade agreement. Leaders of both

EVENT REVIEW

become a joint venture partner, taking a 15 percent equity stake.

That project alone is expected to produce nearly eight million tonnes of LNG a year, supplying up to 3.5 million tonnes of LNG to Korea annually. Based on current commitments, Australia is scheduled to supply 7.5 million tonnes of LNG to Korea annually by around the middle of this decade, making us a key strategic countries have reaffirmed their energy partner. goal to conclude such a deal by The minister then went on to the end of this year. discuss the recently announced In particular, the minister carbon price from 2012 leading commented on natural gas as to an emissions trading scheme an emerging feature of our from 2015. He stated that this trade relationship. decision was taken to increase Although currently Korean investor certainty and reduce imports of greenhouse gas emissions.

Australian The address was finished by LNG are a complimenting the Korean small part government’s leadership in of total developing low carbon technoloKorean im- gies. Australia is contributing ports, this $10 million to Korea’s Global will change Green Growth Institute, which over the supports low emissions growth coming five strategies in developing counyears. The tries. Australia will join the huge $43 Institute as a core partner and billion Gorgon project will see will be represented on its board two million tonnes of LNG going of directors. to Korea annually. The WheatThe Breakfast Forum was a stone Project will supply another great success. The speaker 1.5 million tonnes of LNG. Bespoke on major topics in a very yond these massive supply con- intelligent and balanced way. tracts Australia is welcoming Ko- The forum was also a rean investment in the industry; great chance for me to meet for example the Gladstone LNG with colleagues and friends. project in which KOGAS has

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UPDATE Embassy

Much has happened at the Embassy in Mr Rudd delivers his intervention on Fragile States at the Fourth High Level Forum on Aid Effectiveness.

The Ambassador, third from left, stands next to Violinist Richard Tognetti, Artistic Director and Lead Violin, and Harpist Na Hyun-sun from the ACO.

There have been a number of high-level visits over the past six months. The Minister for Resources, Energy and Tourism, the Hon Martin Ferguson AM MP, visited Seoul from 22 to 24 July.

Minister Ferguson addressed an AustCham breakfast seminar and held several bilateral meetings with ROK ministers and business leaders, including from KOGAS and POSCO. The Hon Kevin Rudd MP, Minister for Foreign Affairs, visited Seoul and Busan on 29 and 30 November 2011, meeting with President Lee and ROK ministers in Seoul and Busan as well as attending the Fourth High Level Forum on Aid Effectiveness in Busan.

While in Busan, Mr Rudd and his counterpart Foreign Minister Kim

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Sung-hwan witnessed the signing of a MOU between AusAID and the ROK-led Global Green Growth Institute (GGGI).

Our Year of Friendship activities have continued to put Australia in the spotlight.

The Australian Chamber Orchestra (ACO), one of Australia’s most internationally acclaimed orchestras, performed with Korean harpist Na Hyun-sun at the 29th Korea International Music Festival on 6 October. The event further enhanced and broadened Korean audiences’ knowledge and appreciation of Australian classical music.

The event was a sell-out. Following critically acclaimed performances throughout its 2010 European Tour, the Sydney Symphony Orchestra

and its Principal Conductor and Artistic Advisor Vladimir Ashkenazy toured in November, continuing the vital role the orchestra plays as one of Australia’s leading cultural ambassadors. The orchestra’s full ensemble of 96 musicians performed two concerts at the Seoul Arts Centre. The Sydney Symphony provided master classes for Korean music school students in conjunction with the College of Music, Seoul National University.

Tell Me Tell Me: Australian and Korean Art 1976-2011 was a major new exhibition of Korean and Australian contemporary art celebrating the Year of Friendship. The project highlighted the historical and ongoing connections between Australian and Korean

UPDATE Embassy

the six months since the last update Curator of Museum of Contemporary Art, Glenn Barkley provides an explanation of the works of art to Ambassador, HE Sam Gerovich, and Deputy Head of Mission, Mr Brendan Berne.

Principal Conductor, Vladimir Ashkenazy leads Korean music school students from the College of Music, Seoul National University in performing Tchaikovsky’s Symphony No. 5 in E.

art by bringing together a dynamic mix of ideas, images and objects from Australian and Korean artists across generations. The event featured a reciprocal exhibition in Australia at the National Art School Gallery in June 2011 and in Korea at the National Museum of Contemporary Arts in Korea in November 2011.

Visits by prominent Australians have also demonstrated the intellectual power Australia is able to generate. We welcomed one of Australia’s 13 Nobel Laureate winners, Dr Barry Marshall AC, and 2007 Australian of the Year and Australia’s Climate Change Commissioner, Dr Tim Flannery, to Korea in the past six months.

During his visit in early November,

Dr Marshall, awarded scholarships to the top science students at the Daejeon Science High School, presented a lecture at KAIST, and met with senior educational and research staff at various institutions.

In December, as part of his role as Australia’s Chief Climate Commissioner, Dr Flannery met with influential figures from ROK government, business and academia, including a series of lectures to Seoul National and Yonsei University students, as well as meeting prominent National Assembly and other government representatives to discuss progress in Australia to promote a clean energy future.

There have been a number of staff changes since our last update. We have farewelled Mr Jeff Robinson,

the Deputy Head of Mission, Mr Mark Pearson, OAM, Senior Administrative Officer and Consul, Mr Liang (Leo) Zeng, Deputy Consul and Mr Charles (Charlie) Adamson, First Secretary Economic. We have welcomed their replacements, Mr Brendan Berne, Mr Will Crago, Ms Natalie Thean and Mr Mike Wight. As this publication is released we bid farewell to Ms Amelia Appleton, Second Secretary (Political/Economic) who heads back to Canberra and welcome her replacement Mr Duncan Lockie.

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UPDATE Austrade

Austrade Seoul Update Artful Strategy in Korea presents Australia as a Creative and Sophisticated Nation As a culmination of Austrade’s three-year strategy for visual arts in Korea, Australia was featured as the ‘guest country’ at this year’s Korea International Art Fair (KIAF), held from 22-26 September 2011.

Austrade identified the opportunity and handled market briefing and business matching in coordination with the Australian Commercial Galleries Association, who were responsible for recruitment and logistics. Austrade was successful in securing funding for the project from Brand Australia and the Australia Council for the Arts as well as DFAT’s Australia International Cultural Council as part of the Year of Friendship celebrations marking 50 years of diplomatic relations between Australia and Korea.

As part of the Year of Friendship activities, Australia was invited this year as the special ‘Guest Country’ with 17 galleries exhibiting the work of 65 Australian artists. This represented the largest presence

by Australia at an international art fair in many years with activities including a VIP reception, lecture series, and media and collector tours. Fifteen galleries were successful in selling pieces during the fair, with two galleries selling out. As a result of the event a number of galleries and artists are now negotiating residencies and further exhibitions in Korea.

Ben Quilty (second from the left) at KIAF 2011. His artwork attracted keen interest from Korean art collectors.

Australian Children’s Television Animation Delegation to Korea With the support of Austrade and led by the Australian Broadcasting Corporation, the 4th

Presentation by EBS, Korea’s Education Broadcasting Station 10 | 1st Quarter 2012

Australian children’s television animation delegation visited Seoul on the 27-28 September 2011.

The digital content mission was sponsored by the Australia-Korea Foundation and represented the 4th mission of its kind to Korea.

The mission sought to expand on areas of opportunity for Australian and Korean producers in digital content sharing and coproduction. Presentations by the Korea Creative Content Agency and Screen Australia outlined the benefits of television co-production and co-finance and show-

cased that both governments strongly encourage and support such partnerships.

Twelve Australian and twelve Korean leading children’s television animation companies met as part of the mission and gave brief presentations about their company and current projects.

The presentations were then followed by a day of one-on-one business meetings and discussions.

This delegation provided the basis for some productive and long-term creative and commercial partnerships.

UPDATE Austrade

Austrade promotes Future Unlimited in Korea Austrade Seoul recently hosted 75 Australian education institutions as part of the Study in Australia Korea Show 2011 held over two days from 29-30 October. This year’s show shifted its focus away from the traditional working holiday market, placing more emphasis on promoting Australian higher education.

The show also featured Future Unlimited branding for the first time in Korea with it receiving excellent feedback from visitors and institutions alike. In the lead

up to the show the Austrade Seoul team also utilised Twitter social media for the first time as part of its marketing activities, paving the way for greater involvement in social media for future events.

This year’s event is scheduled for October 27-28 two days after the Korea Australia Alumni gala event. Holding the two events in conjunction with each other will provide a great opportunity for the participating institutional representatives to

meet with their alumni representatives and members in Korea.

Australia signs automotive technology agreement with South Korea Australia’s AutoCRC (Cooperative Research Centre for Advanced Automotive Technology) has entered a joint technology research and education program with South Korea’s Kookmin University. AutoCRC is Australia’s centre for coordination for automotive research, development, commercialisation, education and international engagement.

Kookmin University’s Graduate School of Automotive Engineering is the leading automotive technology research and education institution in South Korea.

The first step will be the placement of key academic staff and graduate students into Australian research institutions, followed later by work on commercialising key technologies in both countries.

The auto team at the Seoul post contributed to this success by introducing Professor Cho of Kookmin University to the Victorian Government Business Office, Tokyo, last December as part of the Automotive Market Access Program (AMAP).

Left to right: Professor Dan Choi (Kookmin); Mr TH Yoon (Austrade Seoul); Mr Barry Comben (AutoCRC); Professor Yong-Seok Cho (Kookmin); Dr Matthew Cuthbertson (AutoCRC); Mr Geoff Susans (Victorian Government); Dr Thomas Ting (AutoCRC).

Australia Unlimited Magazine Published Austrade recently published the second edition of the ‘Australia Unlimited’ magazine.

This quality magazine showcases the intellect and creativity of Australia’s social entrepreneurs, researchers, business leaders and artists.

This edition specially covers three Australians who shone at the recent Korea International Art Fair.

An interactive digital version of the magazine is now also available as an app on the Apple iPad. It is available for free and can be downloaded from the Apple App store.

For hard copies of the magazine, please email mihyun.kim@ austrade.gov.au with your contact details, number of copies required and intended distribution points (while stocks last).

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EVENT REVIEW ANZA Melbourne Cup Luncheon

Tuesday, 1 November 2011

ANZA Melbourne Cup Luncheon ANZA President Jennifer Sanger

The 151st Melbourne Cup was celebrated in high Australian style at the Grand Hyatt Seoul on Tuesday, 1 November.

Lucky sweeps ticket holders fared very well – as did the ANZA Korea charities that are recipients of sweeps and raffle proceeds.

Lucky punters and gorgeous ladies abounded at the latest ANZA Korea social event. The Melbourne Cup Luncheon, held the first Tuesday of every November, attracted a record number of racing fans, topping out 220 guests this year!

A delicious lunch featuring Australian beef, Fashions on the Field, a dramatic fashion show by Kay Kim, and Australian wine created a memorable day that for some didn’t end until the wee hours of the morning. Almost like being back at Flemington Racetrack!

The live broadcast of the race did not disappoint, and Dunaden won the Melbourne Cup with a heartstopping photo finish.

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The 2012 Melbourne Cup will be held on November 6 in the Regency Room of the Grand Hyatt, Seoul.

There’s nothing like a z oo withou t fences.

Talk about an amazing start to the day. We got up for the sunrise but stumbled across something we’ ll never forget. The hilltop was alive with more kangaroos than I’ d seen in a lifetime.

We spent the afternoon roaming the island for wildlife, taking pictures of penguins, seals and a whole bunch of birds we’ d never even heard of. At times I didn’t know whether to take another picture or stop and take in the surroundings. I guess that’s just the type of place it is. But really, the pictures only begin to tell the story. To truly experience this land of ours you’ve just got to come and discover it yourself.

visit: australia.com

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EVENT REVIEW Commonwealth Chambers Evening Review

4th Annual

Commonwealth Chambers of Commerce Networking Evening Friday, 23 September 2011 The 4th Commonwealth Chambers of Commerce Networking Evening was celebrated in the picturesque surroundings of the Waterfall Garden at the Grand Hyatt Hotel on September 23th.

By Peter Underwood Organized jointly by the Senior Partner IRC Ltd. five commonwealth chambers, more than 180 members and guests from the Australian, British, Canadian, Indian and New Zealand Chambers participated in this annual event that is quickly becoming a ‘must attend’ part of the expatriate calendar. The Commonwealth Chambers Networking Evening provides a wonderful opportunity for attendees to get to know one another, make new connections and share ideas.

Organizers were thrilled to see so many people, even long-time residents of Seoul meeting for the first time. Among the attendees were many high-profile businessmen and women including Mr. Bob Edwards, CEO of Chevron Korea, Mr. Abhay Phalke, CFO of Tata Daewoo, Mr. Lee Yoon Jong, CEO of Aju Capita and Mr. Lee Jay Young, CEO & Chairman of Ssangyong

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Paper. The Hyatt again proved to be an outstanding venue as guests enjoyed the wonderful evening enhanced by perfect, crisp autumn weather. The high quality food from the Grand Hyatt was complimented by outstanding New Zealand beverages Montieth Beer, Rapaura Springs Merlot and Jane’s Sauvignon Blanc from New Zealand’s renowned Marlborough region, all cheerfully imported and supplied by TiwiTrade. The joint hosts in turn shared a few brief words of welcome followed by a Lucky Draw with prizes ranging from bottles of wine, to dinners and rooms at the Grand Hyatt Seoul. The major prize was two 3-day all-access passes to the Korean F1 Grand Prix. Key to the great success of the evening were the sponsors; Tata Daewoo, Aju Capital, 2011 Korea F1 Grand Prix, Ssangyong Motors, The Arrival Store, The Grand Hyatt Seoul, Sante Fe, and Tiwi Trade.

The night was a great success and I look forward to the Fifth Annual Commonwealth Chambers networking event later this year.

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Jessica Block Deputy General Manager

As part of the 29th Korean International Music Festival and the KoreaAustralia Year of Friendship, the Australian Chamber Orchestra (ACO) held a concert on October 6th. The concert at the Seoul Art Centre featured the charismatic artistic director Richard Tognetti, who performs using a rare $10 million Guarneri Del Gesu violin.

In conjunction with AustCham and as part of the ACO’s commitment to bringing wonderful music to everybody, musicians from the ACO also gave a free recital to around 20 children from the Give Out Love Orphanage (Jusarang) and their sponsors. This recital was held on October 5 and showed music’s power to bring people together to share a joyous experience.

The ACO quartet was composed of Madeleine Boud and Rebecca Chan playing the violin, Stephen King on the viola and Melissa Barnard on the cello. The quartet played four pieces for the children; the second movement of Ravel’s Quartet in F major,

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the first of Haydn’s Quartet No.5 in E flat major, Op.64, No.5 “The Lark”, the fourth movement of Haydn’s Quartet No. 2 in E flat major, Op.33, No.2 “The Joke”, and the third movement of Borodin’s Quartet No.2 in D major (Notturno).

The Give Out Love Orphanage based in the Gwanak area of southern Seoul is well known for taking care of disabled and abandoned infants and babies. For over 20 years Pastor Lee Jong Rak and his wife Jeong Byung Ok have been taking care of disabled and abandoned babies.

After the concert Jessica Block, Deputy General Manager of the ACO, said that it was a wonderful opportunity not only for the children to hear wonderful music, but also for the musicians to perform for such a responsive and grateful audience.

Australia fully committed

to The 2012 Yeosu Expo Australia’s participation objectives

Yeosu Expo

mascot, an Australian little penguin, was also unveiled at the event. Little penguins are particularly vulnerable to the impact of humans, especially the effects of climate change through changes in sea level, temperature and decreased rainfall. Our choice of this mascot underscored the vital importance to Australia of living in harmony with our ocean.

Participation contract signed The Secretariat has formally exOn 10 June 2011, Prime Minister ecuted and delivered Australia’s Gillard telephoned ROK President participation contract to the Yeosu Lee Myung-bak to inform him that 2012 International Expo Organising Australian National Day Australia would participate in the Committee. The Celebration Yeosu 2012 Expo contract coupled (12 May – 12 August In consultation with the Australian with detailed con2012). Since then, the Embassy in Seoul, the Secretariat struction design Australian Department has nominated 27 May 2012 as our plans was presentof Foreign Affairs and dedicated National Day. This date ed to Chairman Trade has taken the is the only long weekend in Korea Kang Dong-suk of lead in preparation for during the Expo period, and for this the Committee.

Australia’s participation reason we anticipate high attendance Chairman Kang apin the Expo, and on 11 at the Yeosu Expo. In addition, it plauded Australia’s July, the Yeosu Expo coincides with the commencement development of 2012 Secretariat com- Mr Kevin Nixon, Head, Yeosu Expo 2012 of Reconciliation Week in Australia, a design concept menced operations.

Secretariat presents a didgeridoo to Chairman which would be relevant to elements Kang Dong-suk at the signing of Australia’s that supported the of our cultural program.

After extensive conoverarching Expo participation contract sultation with other theme and noted The emphasis of the cultural program agencies, the Secretariat has develthat our proposed creative content will be orientated to our National oped key objectives for Australia’s would provide a positive experience Day, with additional elements of the participation. They are to 1) further for visitors to the Expo and reinforce program active throughout the majorstrengthen our bilateral commercial Australia’s strong environmental ity of the Yeosu Expo period. relationship with Korea; 2) promote credentials.

Australia’s environmental capabiliOpportunities for ties and commitment to addressing Australia’s goodwill ambassadors Australian companies climate change including Australia’s The Secretariat There will be a targeted coasts and oceans; and 3) reinforce has commenced business program runAustralia’s reputation as a high qualdevelopment of ning throughout the Expo ity educational services provider and a public diploperiod. Particular opportunias a safe, culturally diverse and excitmacy program. ties for business promotion ing travel destination.

On 12 December would arise from AustraOur participation 2011, Ambaslia’s National Day celebratheme, Australia: sador Gerovich tion on 27 May 2012, when In Harmony with appointed Ms Jes- Ms Jessica Gomes with the mascot, an a high level of government the Ocean, pressica Gomes as a Australian little penguin representation would be ents Australia’s Goodwill Ambasmade from both Australia credentials as a sador for Ausand Korea. There will be a dedicated nation with high tralia’s participaweek to be allocated to emphasise environmental, tion at the 2012 sector-specific or state-specific busiscientific and technical capabilities in Yeosu Expo. The ness opportunities. marine conservation and its commitlaunch comprised A number of projects will be dement to sustainable development of a series of public veloped in conjunction with other our vast natural assets. diplomacy events agencies, including Austrade and and follows on The Organising Committee has foreTourism Australia. Australian busithe success on cast total attendance throughout the nesses already operating or consid15 November of Yeosu Expo period at approximately ering operating in Korea would be Ian Thorpe’s ap8 million attendees, comprising 7.5 encouraged to participate in these Mr Ian Thorpe holds his pointment in the million domestic visitors and 500,000 certificate as Australia’s projects for networking opportunities same role. Ausgoodwill ambassador on 15 or further business promotion. international visitors. tralia’s pavilion November 2011 Downunder update | 17

October 7th 2011

5th Annual Chairman’s Night Review The 5th Annual AustCham Chairman’s Night was held on October 7th. It was a wonderful evening showcasing the amazing talents of AustCham’s members and friends.

The theme was KorOZ Super Star and was held at the SMS Art Centre in Shinsa Dong. The exciting evening brought out many members of the chamber who we hadn’t seen for a while.

After some brief words of welcome from Chairman Jim Lim and Event Organizer, Harry Lee the 150 members and guests were revved up

by The CEO Band, featuring songs sung by ANZA Vice President Stacey Evans and AustCham Member John Walker.

Nine teams of AustCham members and friends performed in a talent contest across a wide range of styles including singers, crooners, musicians, Harry Lee dancers and percusPresident of Telston and sionists. The wina Director of AustCham ners included: Martin Walsh with a great version of My Way, The Roly Poly Dancers from Incoaching and Nina Park.

After the talent contest Stacey Evens led the CEO Band in an upbeat romp of hits from the 60’s 70’s and 80’s. The evening was successful because of the tireless efforts of the team from SMS Art Centre and the support of all of our prize sponsors.

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Economic Outlook

Macquarie Global Economic Outlook Asia slowing Impact • Conditions in global financial markets and the real economy remained fractious over the past month, with the European sovereign debt crisis at the epicentre of the deteriorating outlook.

• However, increasing focus is also being directed towards Asia, with domestically driven slowdowns in both China and India, as well as a slowing Asian export cycle, weighing on the regional outlook. Indeed, as a result of the slowdown in Asia we now expect that global growth will fall below 4% over 2012.

Outlook • We have downgraded our CY2012 Indian GDP growth forecast to 6.9%, from 7.8% previously (or 6.9% from 7.9% on an Indian fiscal year basis) While the weakening global outlook does factor in the deteriorating economic environment, the slowdown is primarily a result of domestic issues, including the delayed impact of a tight monetary policy. Weak business sentiment and a high cost of capital will weigh on private sector investment into 2012, while the combination of little fiscal restraint and a current account deficit also creates unfavourable funding risks heading into a period of heightened risk aversion.

• We have also downgraded our 2012 Chinese GDP growth forecast, with an increasing risk that GDP growth will fall below 8% in 1H2012. The combination of a tight monetary policy and credit conditions, a property market slowdown and the impact of a global trade cycle on exports will all continue to weigh on growth over the coming months, and while we do not expect the Chinese economy to experience a hard landing, we nonetheless expect negative momentum in the Chinese economy with policy easing to come through only slowly.

Macquarie

the outcome of the European summit, we remain slightly more optimistic on the prospects for fiscal consolidation and a resolution to long-term challenges. The key question, however, remains the extent to which the European Central Bank (ECB) acts as a short-term support mechanism for markets, banks, and the broader economy.

While there have been mixed comments from policymakers over recent weeks, we remain more optimistic than the broader market of ECB support.

• That said, fiscal consolidation, combined with bank deleveraging, will significantly weigh on growth over the coming year. Indeed, we see an emerging dynamic across developed markets of tight fiscal policy, combined with loose monetary policy.

• In the US, recent economic data supports ongoing momentum within the economy, and we continue to expect moderate but sub-trend growth in the US of around 2.4% over 2012. That said, we have downgraded our 2013-14 GDP growth forecasts as fiscal consolidation weighs on growth, but simultaneously pushed out the timeframe for tightening from the Federal Reserve until 2014. Indeed, we expect long-term bond yields to remain low for a considerable period of time.

• We have also downgraded our 2012 GDP forecasts for New Zealand to 2.9%, from 3.3% previously. While a significant delay in rebuilding from the Canterbury earthquake is now well and truly factored into market expectations, the combination of a slowing export cycle and significant fiscal tightening will result in moderately weaker growth over 2012.

• Given the economic slowdown in China and India and a recession in Europe, the slowing global trade cycle is increasingly impacting the rest of the Asian region. We have further downgraded our growth expectations for the Asian region in 2012. Indeed, the current export slowdown is likely to result in weaker domestic conditions and the policymaker response across the region remains variable.

Analysis Outside the developing slowdown in the Asian region, the impending recession in Europe and its sovereign debt crisis remains a key focus. While markets were overwhelming pessimistic following

Disclaimer: This article is an excerpt from Macquarie research which was published in December 2011. Therefore, this article does not include any new opinions on value or target price of stocks and should not be regarded as new research material.

Downunder update | 19

EVENT REVIEW Korean Australian Alumni Dinner Event Review

The Korea Australia Alumni (KAA)

held its annual Gala Event on 23 November at the JW Marriott Hotel in Seoul with the support of Austrade. KAA President Chris Lee introduced the Australian Ambassador to Korea, HE Mr Sam Gerovich, who welcomed the group of almost 400 Australian alumni.

The event was a chance to recognise the strength of the alumni, who are actively participating in a large cross-section of industries in Korea. Not only was it a fantastic networking opportunity for all, but the event also celebrated the Year of Friendship–50 years since the establishment of diplomatic relations between Australia and Korea.

Guests in attendance congratulated this year’s winners of the Australian Government’s Australia Awards as well as viewing two short feature films showcasing Australian education and prestigious Korea Australia alumni.

Following the formal opening ceremony, participants enjoyed a buffet dinner including Australian wine and cuisine and an

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opportunity to network before the main entertainment of the evening. This year’s gala event entertainment program was led by famous Korean comedian Mr Yong-Chul Kim, who treated guests to an interactive program, seeing up to 40 people participating on stage. Finally, thanks to the overwhelming support of all our sponsors many of the alumni walked away with some fantastic prizes in the lucky draw.

A special thank you to all the event’s kind sponsors including Gold Sponsors (AEI, Curtin University, Central Queensland University, NSW TAFE, Victorian Government, Austcham Korea, Bada Education Centre, Kokos International) and Silver Sponsors (Mac-

quarie University, UTS:Insearch, University of Melbourne, Blackmores, Perth Education City and IDP).

The next KAA gala event is scheduled to be held in conjunction with the 2012 Study in Australia Exhibition, 25 October 2012. All participating institutional representatives should take advantage of this excellent opportunity to meet with their alumni representatives and members in Korea. More updates to follow this year.

Question & Answer

Interview with the New Deputy Head of Mission at the Australian Embassy

Brendan Berne

Q1

lease describe how you came to be P working here in Seoul.

I had previously served in Europe and wanted experience in Asia. As an economist by training I had worked closely with Korea in the OECD, APEC and the G20 and so was delighted when offered the opportunity to work at the Australian Embassy in Seoul as Deputy Head of Mission.

do you see as the role Q5 Wofhat AustCham?

Ambassador Gerovich is the patron of AustCham and embassy colleagues highly value our relationship with chamber members. The chamber plays an important role in representing the interests of the Australian business community operating in Korea. It also provides a useful networking space for Australian business expats.

Q &A

do you enjoy most about living Q2 Wandhatworking in Seoul?

I regard Seoul as something of a New York of North Asia - a dynamic, growing and increasingly cosmopolitan city. I enjoy the neon at night, of course, and the effort that has been made to make the most of the city’s urban features. But it is the palaces in their extraordinary natural settings which came as the most pleasant surprise.

hen you go back to Australia, is Q3 Wthere anything you would like to take

back and show Australians?

I think Australians and Koreans share many characteristics which explain our close people-to-people links - we are hard-working, good-humoured and engaged with the region. In terms of what to take back, I would definitely recommend ondol floor heating, particularly for Canberra winters!

Q4 Please outline your role as DHOM

As the Deputy Head of Mission my role is to support the Ambassador, HE Sam Gerovich, in advancing Australia’s interests in Korea which is a close ‘middle power’ partner for Australia in the region and beyond. As our third largest export market, Korea is of vital importance to Australia. I also take a close interest in promoting Australia as a sophisticated, dynamic and innovative partner for Korea, particularly in this ‘Year of Friendship’ which marks 50 years of diplomatic relations between our countries.

22 | 1st Quarter 2012

any particular events that Q6 Ayoure there have enjoyed?

In my short time here I have already had the opportunity to attend the Australian Business Awards in November. But I particularly enjoy the more informal occasions to meet with Chamber members and understand their perspectives.

And finally four fast questions!

AFL Team and why?

Having grown up in Western Sydney, I am more familiar with the rugby codes. It will be great to see the Greater Western Sydney Giants make inroads into that area and I hope they do well.

The place in Australia you most want Koreans to visit?

As Australia is a continental destination, that is a hard question to answer. But I think too many tourists bypass Melbourne which I think provides a different look and feel from Sydney, my home town.

What place in Korea should every expat know about?

There are so many national treasures to visit here in Korea. I would nominate Gyeongju for its concentration of historical sites and architectural significance.

Favourite place in Korea (so far)?

A few weeks ago I spent sunrise at Buseoksa Temple in Yeongju which sits atop a beautiful valley - so far my favourite destination. I have only just arrived in Seoul so I look forward to discovering more about this fascinating country.

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