Korea's bilateral relationship with Victoria

Australia and the Republic of Korea (ROK, also known as South Korea) are close partners with a strong bilateral relationship underpinned by trade, shared regional strategic interests, and strong people-to-people links.

South Korea is Victoria’s 14th largest source of foreign direct investment (FDI), valued at $41.65 million in FY 2021-22.

South Korea is Victoria’s eighth largest two-way trade partner at A$5.98 billion in FY 2022-23 and fifth largest export market at A$1.7 billion. It is a major market for Victorian aluminium, meat and dairy and is of increasing importance for emerging industries such as energy, health and aged care, tourism and international education. South Korea is one of Victoria's major import sources of refined petroleum and motor vehicles.

Opportunities for South Korean investment

There are significant investment opportunities for South Korean companies in Melbourne, Victoria particularly in the areas of clean energy, technology, infrastructure, advanced manufacturing and defence, health and life sciences.

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Major investors

There are many large Korean compnaies currently operating in Victoria, including:
  • COSMAXNBT (formally known as Nutribiotech)
  • Maeil Dairies
  • GS Engineering & Construction
  • Hanwha Defense
  • Kia
  • Amore Pacific

Victorian Trade and Investment Offices

Supporting our relationship, the Victorian Government has offices in Seoul (est 2014), which play a vital role in the facilitation of trade, investment and the establishment of people to people links and partnerships between the two regions.

Korea- Australia Free Trade Agreement

The Korea-Australia Free Trade Agreement (KAFTA), which entered into force on 12 December 2014, is a world-class and comprehensive bilateral agreement that substantially liberalises Australia’s trade with its fourth-largest trade partner. KAFTA protects and enhances the competitive position of Australian businesses in Korea and will provide tariff elimination on nearly all Australia's current exports by value when it is fully implemented. Under KAFTA, Australian services providers receive the best treatment Korea has agreed with any trade partner. Investment commitments in the Agreement promote investment in both directions.

For more information, please refer to The Department of Foreign Affairs and Trade.

Bilateral  Relationships



  • Victoria's sister-state relationship with Busan Metropolitan City (est 1994)

We can help you with your next market entry project

If you are considering investing in Melbourne, we can help you scope the market opportunity in Melbourne/Australia and assist you with your business case development.

Working with us will allow you to be fully informed and limit the number of surprises associated with your new investment. Our staff are experienced and well connected  and can introduce you to potential partners to help make your investment a success.

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Korea enquiries
contact Adam Cunneen
Commissioner for Victoria to North Asia
Email Adam

Or go to our All Offices page to find your nearest Invest Victorian representative.