Japan visit to strengthen resources and investment ties

Minister for Resources and Northern Australia Madeleine King will visit Japan next week to strengthen trade and investment ties with Australia’s top strategic partner in the region.

In her first overseas visit since being appointed to Cabinet, Minister King will hold talks with Japanese Government and industry leaders and will reinforce Australia’s role as a stable and reliable investment destination and trading partner.

It will be the first visit by an Australian resources minister to Japan in almost three years.

“Going to Japan on my first international visit as Minister for Resources underlines the importance of our deep and enduring partnership. Not only that, my visit highlights the significant role our resources and energy links play in that wider partnership,” Minister King said.

“Japan has been a long-established investor in, and customer for, Australian energy, iron ore and other commodities. These are crucial to support Japan’s manufacturing sector and economic development.”

“My visit is an opportunity to reinforce Australia’s long-standing role as a stable and trusted supplier of energy and resources. We will continue to honour our international contracts and work with Japan to address global energy challenges.

“During the visit I will also promote Japan’s ongoing role as a major investor in Australian resources and energy projects and emphasise Australia’s stability and governance which makes Australia an attractive investment destination.

“Australia welcomes Japan’s ongoing investment in Australian companies and projects. We would welcome further investments in areas such as affordable hydrogen and critical minerals, which will be crucial to Japan and Australia’s plans to lower carbon emissions and achieve our net zero commitments.”

In 2020 Japan was Australia’s second largest export market with bilateral trade worth more than $66 billion and Australian exports to Japan worth around $46 billion. Japan was also Australia’s second-largest source of foreign investment worth around $132 billion.

Minister King’s visit follows her discussions in Perth last month with Japan’s Prime Minister Kishida, and her talks with Japan’s then Minister for Economy, Trade and Industry, Minister Hagiuda on the sidelines of the Sydney Energy Forum in July.

In October, Australia and Japan signed a new bilateral Critical Minerals Partnership to establish secure supply chains between our two countries. This will help further develop Australia’s critical minerals sector and ensure Japan has the critical minerals needed for its advanced manufacturing industries.

Minister King will visit Tokyo and Osaka, meeting senior officials from ENEOS, Mitsubishi, Kawasaki Heavy Industries, and Panasonic, and with major LNG buyers and investors including INPEX, TEPCO, Tokyo Gas, JERA and the government’s Japan Oil, Gas and Metals National Corporation (JOGMEC).

Minister King will also visit Kawasaki Heavy Industries’ Suiso Frontier, the world’s first liquid hydrogen carrier.