The Australian Government has today launched Invested: Australia's Southeast Asia Economic Strategy to 2040 to deepen Australia's economic engagement with our region and ensure our shared future prosperity.
The strategy, developed by Mr Nicholas Moore AO, Special Envoy for Southeast Asia, was announced by the Prime Minister at the ASEAN Indo-Pacific Forum in Jakarta today.
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.
Quotes attributable to Prime Minister Anthony Albanese:
“Southeast Asia's fast-growing economies present a major opportunity for Australian business, but we haven't kept pace with their exponential growth.
“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.
“I thank Special Envoy to Southeast Asia, Nicholas Moore, for developing a comprehensive strategy based on extensive consultation across the region.”
Quotes attributable to the Minister for Foreign Affairs, Penny Wong:
“The Albanese Government is deploying all elements of our national power to make Australia stronger and more influential in the world, including by deepening our engagement in the region.
“Investing in priority sectors such as the green energy transition, infrastructure and food security is an investment in Australia's future and the future of the region.
“The strategy reinforces that trade and investment diversification is key to our shared future prosperity and economic security. We seek genuine partnership with Southeast Asian economies to capture untapped opportunities for our mutual benefit.”
Quotes attributable to Treasurer Jim Chalmers:
“Australians can be the beneficiaries of the some of the big shifts that are underway in the region by deepening our engagement in Southeast Asia.
“Whether it be the energy transformation, high-skilled manufacturing or world-class produce, we have the goods and services that the region needs to power its growth in the decades ahead.
“Greater integration with the dynamic markets of Southeast Asia will ultimately help deliver better jobs and better opportunities here at home.”
Quotes attributable to the Minister for Trade and Tourism, Don Farrell:
“This strategy reinforces our intent and priorities to expand and diversify trade and investment between Australia and Southeast Asia.
“It charts a pathway to help Australian exporters, investors, tourism businesses, higher education providers, and creative sectors make the most of the booming opportunities in our region.”