FSC builds ties with Korea
The Financial Services Council (FSC) has signed memoranda of understanding (MOU) with Korea to foster financial services trade and investment between Australia and Korea.
The FSC signed the MOU with the Korean Financial Investment Association and the Seoul Metropolitan Government.
CEO of the FSC John Brogden said as the fourth largest trading partner, Korea is significant for Australia.
"The signing of the Memorandum of Understanding with Seoul Metropolitan Government and the renewal of the FSC's MOU with KOFIA are important steps in deepening relationships between the two countries' financial services sectors," CEO of the FSC John Brogden said.
"We have also undertaken to work together to increase investments in our respective markets and to facilitate mutual market recognition for the financial institutions we represent."
The MOU comes after the FSC hosted a delegation of Australian financial services industry CEOs in Seoul last week, including representatives from the FSC, Colonial First State, Russell, Tyndall, Morningstar, Legg mason, Vanguard, BT and K&L Gates.
In a keynote speech, Brogden welcomed a chance for Korea to establish an investment office in Australia.
He said the offices would provide direct relationships between the two Korean government-operated funds and Australian fund managers in an effort to develop deeper currency hedging services and access to equities, bonds and other assets.
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