A Welcome To President Kim Dae-Jung

Speech by Minister for Trade The Hon Mark Vaile MP at the NSW Premier's Luncheon for President Kim Dae-jung

Ballroom, Darling Harbour Convention Centre, Sydney, 16 September 1999

(Check Against Delivery)

Your Excellency, President Kim Dae-jung and Mrs Kim; Minister Hong, Minister Chung and Minister Han; Premier Carr and Mrs Carr, distinguished guests, ladies and gentlemen.

It gives me great pleasure to join Premier Carr on this special occasion in welcoming President Kim to Australia.
As Australia's Minister for Trade, I am heavily involved in maintaining and extending mutually beneficial economic relations between Australia and Korea. And on behalf of the Australian Government, I also wish to pay a special tribute to President Kim Dae-jung for his life-long struggle for human rights and democratic values, and to Mrs Kim for her years of steadfast support.
Contributing to Asia's prosperity and security

President Kim's journey from political prisoner to President - after the first ever change of power from governing party to opposition in the history of the Republic of Korea - makes him a figure of enormous significance in Asia. Our Government is honoured to work with you, Mr President, in contributing further to the prosperity and security of Asia.

The Asian region contributes to Australia's prosperity and security and, just as importantly, we contribute to the prosperity and security of Asia.

The origins of our modern-day relationship with Korea can be traced to the Korean War, when Australia committed quickly and strongly to support UN forces, and some 300 young Australians gave their lives for Korean freedom. Indeed, our commitment at that crucial time, and the warm ties with the Koreans people that developed, provides an important backdrop to our bilateral ties.
The future of our country is bound up with Asia's future. This fact is apparent from our history, as well as from the tragic events in Timor now urgently demanding our attention. The Australian Government deeply appreciates the support which Korea has just announced for a UN peace keeping force in East Timor.

A strong and growing relationship

As regional middle powers, Australia and Korea share vital interests in bilateral trade and regional security.

Korea remains Australia's third largest export market and third largest trading partner. The strong trading relationship demonstrates joint commitment in building complementarity and exploring new areas for cooperation. We are committed to developing lasting ties on a strong and broadly-based foundation.

In multilateral forums, Australia and Korea have much to offer each other, as was demonstrated in our shared role in the formation APEC, which met just last week in Auckland. I am also pleased to recall Australia's key role in 1996 in supporting Korea's membership of the OECD - an important step in Korea's goal of internationalisation and economic development.

Australia has strong strategic and economic interests on the Korean Peninsula and in North Asia generally. We welcome President Kim's policy of comprehensive engagement with North Korea.

Economic recovery

On coming to office, President Kim was faced with his country's most severe economic crisis since the Korean War. The economy shrank by nearly 6 per cent in 1998, and unemployment tripled. But only one year later the economy is well on the path to recovery, and nearly 10% larger than it was last year.

This remarkable turnaround owes much to President Kim's leadership in pursuing economic reform. In the last 18 months, Korea not only embraced the IMF reform package but in some areas exceeded it. This has undoubtedly attracted foreign investors back to Korea - in fact, Korea's inwards foreign direct investment is now at record levels.

Australia recognises that Korea's rapid structural reform has also brought considerable economic and social stress. Australia is no fair-weather friend. We are a partner for the long-haul. Our contribution to the IMF package for Korea and the Government's extension of export credit insurance to support bilateral trade reflect this commitment.

Conclusion - close personal ties

And, importantly, people-to-people links between Australia and Korea continue to grow. Many thousands of Korean students come here to enjoy the highest quality of education in a caring environment. We are encouraging joint research and development at the cutting edge of technology. There are more Korean tourists coming to enjoy Australia's unique attractions - and I would like to see more Australians visit Korea and learn of your rich and ancient heritage. I also believe there is great scope for enhancing bilateral cultural exchanges.

Mr President, Australians and Koreans have shared bad times and good, and we've both benefitted from our experiences. I look forward with enthusiasm to seeing the results of renewed interest in the Australia-Korea relationship that I know your visit will provide, and it is with the greatest of pleasure that I welcome you, Mrs Kim, and your party to Australia.