Korea and Australia Financial Investment Forum to increase investment

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The Australian Financial Markets Association (AFMA) and the Financial Services Council (FSC) of Australia today joined with the Korea Financial Investment Association (KOFIA) in signing an agreement to establish the Korea-Australia Financial Investment Forum.

The Korea-Australia Financial Investment Forum has been established to enhance cooperation in financial services and promote the mutual development of the Australian and Korean capital markets and investment funds industries.

The Forum will work on promoting regulatory cooperation; seek to facilitate cross-border investment; collect and disseminate information on the Korean and Australian capital markets and investment funds; as well as support exchanges, organise meetings, seminars, investor awareness and reciprocal visits.

The Korean and Australian economies have both exhibited strong economic performance, leading the world’s developed economies in recovery from the recent global financial crisis. Both countries have sustained an outward focus, welcoming of trade and investment, and have pursued ongoing reforms to foster economic growth and financial sector development.

AFMA, FSC and KOFIA see the establishment of the Forum as a means to further their joint work to develop linkages between Asia-Pacific securities markets and raise the presence of the Asia-Pacific region in international forums related to the securities and funds management industries.

The associations seek to increase investment in the markets they represent, and to foster cross-border investment and financial transactions in each other’s markets. To this end, the associations will be in close consultation with each other on areas for further improvement in the relevant laws, regulations and policies of each market, and will work to enhance cooperation with the authorities governing each market.

In March 2009, AFMA and the FSC each signed bilateral Memorandum of Understandings with KOFIA on closer co-operation.

AFMA and KOFIA are both members of the Asia Securities Forum (ASF) which brings together securities market associations to promote capital flows in the Asia Pacific region.

The FSC and KOFIA are members of the International Investment Funds Association (IIFA) which seeks to promote the protection of investment fund investors and facilitate the growth of the investment funds industry internationally.

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