Australia has surpassed the 90 per cent first dose vaccination coverage rate this week.
More than 90 per cent of NSW residents aged 16 and up are fully vaccinated against COVID-19 while ACT became the first Australian state or territory to fully vaccinate 95 per cent of the eligible population.
ACT government said the territory was on track to be one of the world's most vaccinated jurisdictions, with double-dose vaccination rates expected to reach more than 99 per cent by Christmas.
South Korea’s first dose vaccination coverage rate is 81.3 per cent and the double-dose vaccination rate is 77.4 per cent.
Australia and South Korea are preparing to lead the post-pandemic era based on the high vaccination rates and economic growth rates.
Both countries are reopening their closed markets based on high vaccination rates, and attention is being paid to whether the two countries economic growth will accelerate.
Australia's GDP has grown 1.8% in the first three months of this year and 1.1% in the past 12 months, returning to its pre-pandemic scale. Deloitte analysts said Australia is one of the world's five countries whose economy has grown compared to its pre-COVID-19 level.
South Korea recorded significantly higher economic growth among the G7.
Korea’s average economic growth rate in 2013 -19 was 2.9% and it exceed that of all G7 Countries (2.3% in the USA, 2.0% in Canada, 1.9% in the UK, 1.0% in Japan). Furthermore, Korea’s average economic growth rate in 2020-21 was 1.7% and it exceed that of all G7 Countries as well (1.3% in the USA, 0.2% in Canada, -1.5% in the UK, -1.2% in Japan)
In a welcoming speech for the Invest Korea Week 2021 hosted by the Ministry of Trade, Industry and Energy (MOTIE) and organized by Korea Trade-Investment Promotion Agency (KOTRA), Korean President Moon Jae-in said "The Korean economy is recovering the fastest. Despite the downward revision of most growth forecasts in major countries this year, Korean economy maintains a high forecast of 4.3%"
"The national credit rating is also at its highest level” he said.
Invest Korea Week 2021 (IKW 2021), held from November 3rd to 5th, 2021, is a leading program for investors, startups and those interested in the Korean business world to network, communicate, invest, and progress.
FDI in Korea is increasing.
South Korea's accumulated foreign direct investment (FDI) performance in the third quarter of 2021 rose 41.3% year-on-year to USD 18.2 billion.
By business type, the service sector increased 60.8% and other sectors, including primary industries, electricity, gas, water and construction, surged 292.8% while the manufacturing sector fell -18.1%.
President Moon Jae In said, “Korea is currently engaged in a largescale national project known as New Deal 2.0 centred on Green New Deal and Digital New Deal. Even in difficult times of Covid-19, foreign investment to Korea recorded second highest in the history including in the areas of K- New Deal,”
South Korea once again topped the Bloomberg Innovation Index. It has ranked first in the world for the seventh time in the past nine years, and Korea ranked in the world No.1 in patent activity in 2021. In addition, Korea was highly praised in areas such as value-added manufacturing, R&D intensity and high-tech density.
President Moon Jae In said "Korea is a promising, sustainable and stable investment destination. It has excellent ability to respond to crises such as infectious diseases and disasters, and has excellent economic resilience”
"We controlled the spread of COVID-19 without lockdown, and companies continued normal economic activities even in the COVID-19 situation."
The Korean government is reducing the rental fees by 50~100 per cent for the land in foreign investment zones and a maximum 50 per cent of FDI amount can be provided as cash grant. Tax reduction including customs, local tax and income tax is another benefit.
"We will extend the tax, location and cash support for investors, ease unreasonable regulations, and create new investment opportunities by aiding research and development and facility investment in such high-tech industries as semiconductor, next-generation vehicles and bio," Moon said
60th anniversary of diplomatic relations between Korea and Japan
Korea is Australia’s fourth largest two-way trading partner. The level of investment between Australia and ROK has grown significantly over the past decade, from just A$600 million in 2003 to A$49 billion in 2018.
Australia’s bilateral trade agreement with Korea which came into force in December 2014, lowered tariffs between the two countries and has significantly strengthened trade relations.
Australia and South Korea, which mark the 60th anniversary of diplomatic relations this year, are working together to diversify their future cooperation fields.
At the 42nd Korea-Australia Economic Cooperation Committee held in October, Ambassador of the Republic of Korea Jeong-sik Kang said, “Korea and Australia should diversify cooperation in areas such as low-carbon technology, vaccines, core minerals, and defence."
Meanwhile, Australian Prime Minister Scott Morrison and Korea’s President Moon Jae In, who visited Rome to attend the G20 summit, held a summit meeting.
The two leaders agreed to forge a technology partnership on carbon neutrality to bolster cooperation in the fields of hydrogen use, solar energy and other low-carbon technologies.
Korean Consul-General Hong Sang-woo said "We expect Korea and Australia to upgrade their relationship to a more strategic partnership over the next 60 years"
"Economically, we expect existing complementary economic cooperation to develop further toward future-oriented areas, especially hydrogen energy and eco-friendly energy resources." He said.
