MEDIA RELEASE

DEPUTY PRIME MINISTER AND
MINISTER FOR TRADE

TIM FISCHER

2 May 1999

Fischer Spotlights Korean Economic Opportunities

The Deputy Prime Minister and Minister for Trade, Mr Tim Fischer, will highlight the emerging opportunities for Australian business in South Korea at the launch on Monday of a new Department of Foreign Affairs and Trade report.

"Korea is setting the pace among crisis-hit East Asian economies , saidMr Fischer in foreshadowing the launch of the new report, Korea Rebuilds: From Crisis to Opportunity the latest report by the East Asia Analytical Unit (EAAU). The report will be launched by Mr Fischer at The Intercontinental Hotel, Sydney at 5pm on Monday.

"This EAAU report cannot be more timely given the welcome signs of Korean economic recovery and my forthcoming visit to Korea from 14 to 16 May", Mr Fischer said.

The report analyses the causes of Korea's economic crisis, the Korean Government's strategies to overcome it, and the new opportunities in the rapidly changing Korean business environment.

"Korea is Australia's fourth most important trading partner and a major destination for our resources, manufactures and services exports", Mr Fischer said.

"With the reforms the Korean Government has put in place, new opportunities are opening up across a range of sectors. But in the new competitive business environment, Australian companies need to be more proactive - in defending current market share, and in developing medium term expansion strategies".

Mr Fischer's launch of the EAAU report also coincides with the visit to Australia by the Korean Minister of Commerce, Industry and Energy, Mr Park Tae-young. Mr Park is travelling with a high-level business delegation to pursue bilateral trade and investment opportunities.

"I welcome Mr Park to Australia and I look forward to discussing with him ways to build on our close and cooperative economic partnership", Mr Fischer said.

Mr Fischer also highlighted the broad trade agenda for his own visit to Korea from 14 to 16 May for Ministerial Trade Talks.

"As well as progressing key market access issues for Australian exporters of beef and citrus, I will be actively promoting Australian exports of processed foods, automotive parts and financial services", Mr Fischer said.