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Australia, Southeast Asia: Invested in shared economic future
Across Southeast Asia, population growth, increasing large and affluent middle classes, and urbanization trends will create a growing demand for a wider range of goods, services, and skills.
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Australian Prime Minister Anthony Albanese delivers his presentation on the second day of the ASEAN-Indo-Pacific Forum (AIPF) in Jakarta, Sept. 6, 2023. (Media Center ASEAN Summit 2023/Galih Pradipta)
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ustralia’s prosperity and security is intimately linked to that of the region. As our Southeast Asia partners look for options to boost their economic growth, I believe Australia has much to offer the region as a trusted and reliable partner.
As one of the world’s fastest-growing global regions – across demographics, economic openness, political stability and ambition – we must better harness our shared economic potential for the future.
Many understand the region will be home to one of the most dramatic economic transformations of the 21st century. Indonesia, for example, could be in the world’s top five economies by 2040.
Across Southeast Asia, population growth, increasing large and affluent middle classes, and urbanization trends will create a growing demand for a wider range of goods, services, and skills.
This bright economic opportunity is at the core of my report for the Australian government, Invested: Australia’s Southeast Asia Economic Strategy to 2040, launched by Australian Prime Minister Anthony Albanese and Australian Foreign Minister Penny Wong in Jakarta earlier this week.
Expanding Australia’s trade and investment links with our region is critical to ensuring our shared future prosperity.
My strategy sets out a practical pathway to capitalize on this opportunity and recommends ways governments can increase two-way trade and investment by raising awareness, removing blockages, building capacity and deepening investment.
Through examining 10 key sectors, which I believe offer the most potential for economic growth – agriculture and food; resources; green energy transition; infrastructure; education and skills; visitor economy; healthcare; digital economy, professional and financial services; and creative industries – I presented 75 recommendations for government consideration.
I welcome the Australian government’s decision to immediately support key initiatives that go to the heart of my strategy.
To increase investment in the region, Australia will establish deal teams to help identify opportunities and commercial partners, provide market intelligence, and provide guidance on risk, regulation and government liaison.
To increase awareness of business opportunities in Southeast Asia among Australian businesses, Australia will initiate a Southeast Asia Business Exchange – focused on coordinating business missions to the region, targeting priority sectors and stepping up coordination with the Southeast Asian diaspora.
To increase Southeast Asian trade and investment with Australia, the government will deliver a trade and investment promotion campaign in Australia, which will raise awareness of Southeast Asian goods and services and highlight the region as an investment destination.
To grow capability in Australia and Southeast Asia, a placements and internships pilot program for young professionals will help build enduring links and capability between Australian and Southeast Asian businesses, prioritizing companies involved in investment, energy transition and the digital economy.
These initiatives are impactful first steps to advance Australia’s ambition to significantly expand commercial links with the region.
But maintaining an invested and long-term effort – from both business and government in Australia and across the region – is essential to ensure we are positioned to maximize our shared economic potential, from now until 2040, and beyond.
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The writer is Australia’s special envoy for Southeast Asia.
