POSCO Group and Korea-Australia Business Council Chairman Chang In-hwa, right, shakes hands with Australia-Korea Business Council Chairman Martin Ferguson during the 45th joint meeting between the two councils in Perth, Australia, Monday. Courtesy of POSCO Holdings

POSCO Group Chairman Chang In-hwa participated in the 45th meeting between the Korea-Australia Business Council (KABC) and the Australia-Korea Business Council (AKBC) in Perth, Monday, as the Korean side's head is tasked with pursuing future-oriented growth of both countries.

Since 1979, the two councils have been meeting to help strengthen relations between Korea and Australia.

Around 250 participants, including policymakers and businesspeople, attended this year's event, discussing ways to cooperate in the supply of core minerals, as well as in the fields of artificial intelligence, startup, defense, aerospace, food, infrastructure and green energy.

On the occasion of the 10th anniversary of the Korea-Australia Free Trade Agreement, the participants recognized the KABC for its contributions to upgrading the two countries' bilateral ties.

"Beyond their conventional cooperation in the mineral and energy sectors, Korea and Australia are now jointly trailblazing a cleaner future, forming partnerships in the fields of eco-friendly materials and innovations in infrastructure," the POSCO Group chairman said.

He added that through their closer economic ties, both countries are expected to seize more opportunities in the global market.

Between Tuesday and Wednesday, Chang will meet with Australia's Trade and Tourism Minister Don Farrell, Resources Minister Madeleine King and Western Australia Premier Roger Cook to strengthen economic ties between the two countries.

POSCO Group said that the chairman will share the group's vision and ask for the Australian government's support for the company's hot briquetted iron project and sourcing of lithium and graphite there.

In addition, Chang will meet with Pilbara Minerals Board Chair Kathleen Conlon to request a stable supply of lithium concentrates for POSCO-Pilbara Lithium Solution, the two companies' joint venture, and to discuss plans to expand their cooperation on lithium.

On Wednesday, the POSCO Group chairman will attend a ceremony for the completed construction of a concert hall commemorating Korean War veterans in Australia, as the Korean firm sponsored the construction with Roy Hill, its Australian partner that supplies raw materials. At the event, Chang plans to express his gratitude for the Australian veterans.

Over the past four decades, POSCO Group has enhanced its cooperation with Australia, one of the most important suppliers of iron ore, lithium and nickel.

The Korean company has invested 4 trillion won ($3 billion) in Australia so far.

Additionally, POSCO Group has purchased $7 billion worth of raw materials for its steel products every year from Australia. This means that the company has sourced 70 percent of raw materials for its steel products from the country.