The 59th annual Australia-Japan Joint Business Conference (AJJBC) saw over 400 representatives from the most senior levels of government and business, including ministers, ambassadors and the leaders of major corporations come together during October.
Major Projects Commissioner Jason Schoolmeester led the Northern Territory delegation during the first opportunity for the AJJBC to meet in person since 2019.
The conference considered opportunities for Australian and Japanese businesses to continue collaboration through a continuing global pandemic, restore strength and stability amongst international volatility and continue to rise to the challenges and opportunities of decarbonisation.
Japan is the Territory’s largest trading and investment partner aligned through complementary net zero transition targets.
Prime Minister Kishida regards Australia as the most important country for Japan’s energy policy, reinforcing how critical Australian supplies of energy and resources are for Japan, particularly given the current international environment.
Territory liquified natural gas (LNG) exports supply over 10 per cent of Japan and Taiwan’s annual LNG imports and account for more than 20 per cent of the Territory’s gross state product.
Demand for LNG is increasing as a reliable and flexible fuel in a decarbonising world. Wood Mackenzie forecasts LNG demand will double to more than 800 million tonnes by 2050, with the majority expected to be consumed in Asia.
The Major Projects Commissioner strongly promoted the Territory’s investment opportunities and deepening ties on energy security, critical minerals and opportunities for cooperation on hydrogen and ammonia.
Bolstering our relationship with Japan will continue to bring mutual benefits and strengthen strategic collaboration with our largest export trading partner.