Australia Launches Strategy to Strengthen Economic Ties with ASEAN

The Australian Government has today launched Invested: Australia’s Southeast Asia Economic Strategy to 2040

IDXChannel - The Australian Government has today launched Invested: Australia’s Southeast Asia Economic Strategy to 2040 to deepen the country’s economic engagement with the region.

The strategy, developed by Special Envoy for Southeast Asia Nicholas Moore, was announced by Australian Prime Minister Anthony Albanese at the ASEAN Indo-Pacific Forum in Jakarta today.

“Southeast Asia’s fast-growing economies present a major opportunity for Australian business, but we haven’t kept pace with their exponential growth," Albanese stated in a media release on Wednesday (6/9/2023)

“Our economic future lies with Southeast Asia. This strategy outlines how we can harness this growth, and seize the vast trade and investment opportunities our region presents," he added.

It sets out a practical pathway to increase Australia’s two-way trade and investment with the region.

Southeast Asia is a centre of global activity and business, and one of the fastest-growing regions in the world. The strategy outlines how Australia can seize the vast opportunities our diverse and vibrant region presents. It also describes what Australia can offer our region, as a trusted and reliable partner.

The Special Envoy identified 10 priority sectors offering the most potential for growth: agriculture and food; resources; green energy transition; infrastructure; education and skills; visitor economy; healthcare; digital economy, professional and financial services; and creative industries.

The Prime Minister has committed to immediately support three initiatives that go to the heart of the strategy and are an investment in Australia’s economic future:

- Investment Deal Teams ($70.2 million over four years) who will be based in the ASEAN region and will work with Australian investors, Southeast Asian businesses and governments to identify and facilitate investment opportunities.
- Southeast Asia Business Exchange ($19.2 million over four years) to boost two-way trade and support Australian exporters to enter, compete and grow in the fast-growing markets of Southeast Asia. This will include a trade and investment campaign to promote opportunities in Southeast Asian markets to Australian business and consumers.
- Placements and Internships Pilot Program for Young Professionals ($6 million over four years) which will help to build enduring links between Australia and Southeast Asian businesses.
This strategy reaffirms the Australian Government’s commitment to deepening our engagement with Southeast Asia.

Implementation of the strategy will be led by the Minister for Foreign Affairs, the Treasurer and the Minister for Trade and Tourism, supported by a joint taskforce between the Department of Foreign Affairs and Trade and the Treasury. (WHY)