Australia unveils SE Asia Economic Strategy to 2040 at ASEAN Forum

The strategy, developed by special envoy for Southeast Asia, Nicholas Moore AO, focuses on 10 priority sectors including agriculture, green energy, and digital economy. It outlines measures to boost two-way trade and investment between Australia and the fast-growing Southeast Asian region, the website of Prime Minister of Australia said.

To kick-start the strategy, Australia has committed immediate funding to three key initiatives. These include Au$70.2 million (approximately $44.84 million) for Investment Deal Teams based in the ASEAN region, Au$19.2 million for a Southeast Asia Business Exchange to boost two-way trade, and Au$6 million for a Placements and Internships Pilot Program for young professionals.

“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,” said Prime Minister Albanese.

The strategy will be led by the minister for foreign affairs, supported by the treasurer and the minister for trade and tourism, along with a joint taskforce from the department of foreign affairs and trade and the treasury. Implementation aims to make Australia a trusted and reliable partner in Southeast Asia.

Minister for foreign affairs Penny Wong stated, “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.”

“Greater integration with the dynamic markets of Southeast Asia will ultimately help deliver better jobs and better opportunities here at home,” said treasurer Jim Chalmers.

Minister for trade and tourism Don Farrell said “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.”

Fibre2Fashion News Desk (KD)