Western Australia, South Korea sign LoI on energy transition

Western Australian government and the ministry of trade, industry and energy (MOTIE) of South Korea have signed a letter of intent (LoI) to focus on energy transition and downstream processing of resources, the Australian state said on February 1.

The LoI will promote cooperation between Western Australia and South Korea in the development of emerging industries including renewable hydrogen and ammonia, and carbon dioxide capture, utilisation and storage.

"The Letter of Intent signed with MOTIE recognises our strong strategic partnership with South Korea and charts a course for new opportunities into the future,” Western Australia premier Mark McGowan said.

"By signing an agreement with MOTIE, we are establishing a formal relationship to promote economic collaboration in the new energy and downstream processing sectors between Western Australia and South Korea,” he added.

South Korea is Western Australia's third largest trading partner, with total trade of A$18.5bn in the 2021-22 financial year. Western Australia accounted for 36% of Australia's merchandise exports to South Korea in 2021-22.

Earlier this week, Western Australia signed a pact with the Japan Bank for International Cooperation to build a comprehensive strategic partnership in the minerals and energy sectors.