On behalf of the Government and people of Australia I congratulate His Excellency Mr Lee Myung-bak on his inauguration today as President of the Republic of Korea. The Government was represented at the inauguration by Mr Harry Jenkins MP, Speaker of the House of Representatives.
Australia and the Republic of Korea share many political and strategic interests, and enjoy strong trading ties and people-to-people links that underpin our relationship.
The Republic of Korea is now Australia's third-largest merchandise export market, worth $13.5 billion in 2007, and our third-largest source of overseas students, with more than 34,000 enrolments of Korean students in 2007. It is estimated that more than 100,000 people of Korean descent now live in Australia and there is a growing Australian presence in the Republic of Korea.
Australia and the Republic of Korea also have a strong record of working together on a broad range of international and regional issues. We have both contributed to international efforts in East Timor and Afghanistan, and we work closely in APEC and other regional organisations.
Australia strongly supports the Republic of Korea in its efforts to ease tensions on the Korean Peninsula, and reach resolution of the North Korean nuclear issue through the Six-Party Talks.
I look forward to working with President Lee and his administration to add even more depth and breadth to our relationship in the years ahead.