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S. Korea, Australia to broaden ties in green energy segment

According to Yonhap News,

By Kang Yoon-seung SEOUL, June 2 (Yonhap) -- South Korea and Australia agreed Tuesday to beef up cooperation in the energy segment to continue to expand the use of environment friendly resources despite the rising uncertainties stemming from the new coronavirus pandemic.

Industry Minister Sung Yun-mo and his Australian counterpart, Keith Pitt, held a virtual meeting, and they vowed to forge deeper ties especially as the pandemic has put strain on and caused uncertainties in the global resources market, according to the Ministry of Trade, Industry, and Energy.

Such cooperation is vital as South Korea is one of the major consumers of resources in the world, while Australia is a key supplier, they added.

South Korea, which has been promoting the so-called hydrogen economy drive, said it can cooperate in a wide array of green energy projects with Australia.

Sung asked Canberra to remain a stable supplier of key resources, such as liquefied natural gas (LNG), for Asia's No. 4 economy.

Qatar takes up roughly 28 percent of South Korea's LNG imports, followed by Australia with 19 percent and the United States with 13 percent, according to the data provided by the ministry.

Australia is also the top provider of mineral resources for South Korea, accounting for roughly 40 percent of its imports.

South Korea and Australia praised each other for making notable progress in curbing the spread of the new coronavirus.

While the COVID-19 pandemic has infected more than 6 million people across the globe, South Korea and Australia have been considered examples for other nations in fighting the disease.

So far, South Korea has reported around 11,500 virus cases, while that of Australia reached roughly 7,200.

Last month, the two countries, along with Singapore, Canada, and New Zealand, adopted a joint statement on taking action to allow the essential travel of people amid the COVID-19 pandemic to rekindle business activities.

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Source: Yonhap News (Jun 2, 2020)

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