[THE INVESTOR] Business leaders of South Korea and Australia joined forces to strengthen their bilateral economic and trade relations on Oct. 18, while also eyeing to improve finance and other service sectors.

The agreement came at the 37th meeting of the South Korea-Australia Business Cooperation Committee held at a Seoul hotel, according to the Federation of Korean Industries, South Korea’s largest business lobby that represents the top 600 firms here.

The joint conference was attended by some 110 top businesspeople from both countries, including John Walker, head of the South Korean branch of Sydney-based Macquarie Group.

“Business leaders of South Korea and Australia jointly voiced a need to find a remedy for the low growth trend in new areas of cooperation such as fintech and smart cities,” the FKI said in a press release.

South Korea remains Australia’s fourth-largest trading partner, but bilateral trade between the two is currently focused on raw materials and industrial products only, it noted.

“The recent development of Australia’s service sector itself offers a lot to be learned by South Korea, while the fact that products continue to make up most of its trade with South Korea remains to be addressed,” it said.

(theinvestor@heraldcorp.com)