May 19, 2020

Aussie-Indian partnerships increase behind new research centre

Australia
mining
finance
India
Uwear
3 min
Aussie-Indian partnerships increase behind new research centre

In an effort to continue its collaboration on research and technology, Curtin University and the Indian School of Mines will join forces to create the Australia-India Joint Research Centre for Coal and Energy Technology.

It’s yet another the partnership between the two nations, as Business Review Australia previously reported Australia and India recently opened new facilities at the Indian Institute of Technology Bombay (IITB)-Monash Research Academy in Mumbai. The collaboration intends to strengthen strategic research between the two sides.

This time, the joint research centre will highlight fossil fuel and renewable energy development, with a focus on clean coal technologies. It was created following a statement by Prime Minister Tony Abbott and Indian Prime Minister Narendra Modi last year, which welcomed the idea of exploring opportunities to develop a partnership between the Indian School of Mines and Australian institutions.

RELATED TOPIC: Australia attempts to make India its new China

Abbott believes Indian investment in the Australian resource sector will create jobs and help boost the Aussie economy similar to the way Australian investment in infrastructure, energy and other industries will help improve the economy in India.

According to Curtin University Vice-Chancellor Professor Deborah Terry, the research centre is vital for India’s economic development.

“This is a very important step for co-operation in energy technology development between the two countries, especially in light of the urgent global priority to secure cheap energy supply and reduce greenhouse gas emissions,” said Terry.

RELATED TOPIC: Prime Minister Tony Abbott Discusses Advantages Of Coal At Mine Opening

The research centre is expected to provide joint PhD training, technology development, student and staff exchange, shared use of research facilities, joint research projects and publications as well as workshops and symposiums.

With increased population, the demand for effective coal utilization and efficient utility operations in India will become inevitable, according to the centre’s deputy director Hari Vuthaluru

Meanwhile, Australia recently moved one step closer to reaching a deal to sell uranium to India. An agreement seems more than likely after a Parliamentary Committee supported the deal as long as it fulfills a series of safety recommendations.

RELATED TOPIC: Can uranium provide the next boom for Australia's mining industry?

The deal could increase export revenue by $1.75 billion according to Liberal-National MP Wyatt Roy, and would be particularly advantageous for remote and rural areas. Roy went on to say Australia’s mining industry could double in size if the Australia-India Nuclear Cooperation Agreement moves forward.

“The agreement offers the potential for Australia to become one of the world's leaders in supplying fuel for low carbon emissions electrical power for expanding economies," he said.

As the partnership between India and Australia continues to grow, it provides better and better results for both sides.

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Jun 13, 2021

Seo JungJin: Who is EY’s World Entrepreneur of 2021?

EY
entrepreneurs
Leadership
celltrion
Kate Birch
3 min
From just US$45,000 capital in 2003 to a world-leading biopharma giant with revenues of US$1.69bn today, Seo JungJin is crowned EY World Entrepreneur 2021

Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.

Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.

JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.

Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.

Why was JungJin crowned King Entrepreneur?

A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.

The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.

According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.

Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.

“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”

How did JungJin get there?

JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.

Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.

And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.

With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.

“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”

 

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