Asia Business Briefing: Driving Trade and Investment with Southeast Asia
7 December 2023: Nicholas Moore AO, former CEO of Macquarie and now Australia's Special Envoy for Southeast Asia, brought an optimistic view on deepening trade ties with the region, emphasising the untapped potential reminiscent of Japan's post-war economic rise.
Speaking at Asialink Business’ breakfast briefing on Driving Trade and Investment with Southeast Asia, Nicholas Moore gave a preview of Invested: Australia’s Southeast Asia Economic Strategy to 2040, in the lead up to the official launch.
Over 100 senior representatives from industry bodies, government agencies and ASX-listed and SME organisations attended this high-profile breakfast event and participated in a lively discussion, on the evolving opportunities for Australia in Southeast Asia’s rapidly evolving economy.
Moore provided context to discussions with regional ambassadors which highlighted a reciprocal need for skill development, with a demand for Australian educational services and expertise to support Southeast Asia's growing economies. This considered approach is embodied in the strategy, which aims to boost two-way trade and address skill shortages, especially in the green economy sector.
Developing the strategy included over 700 consultations. Insights are reflected in the pragmatic measures that are likely to facilitate increased Australian investment in Southeast Asia, leveraging the region's proximity and economic dynamism, and foster a deeper understanding and engagement with the region's countries, both in the public and private sectors.
Moore highlighted that Australia has been the beneficiary of investments from the region across a whole range of sectors from real estate to renewable energy and traditional energy. “It would be a huge win for us if we can say we’ve increased investment from Australia into the region. That’s very welcomed when you talk to people in the region; you’re not just here to sell Australia.”
Asialink Business CEO Leigh Howard visited Indonesia as part of a significant delegation from Australia to attend the ASEAN-Indo-Pacific Forum (AIPF) in Jakarta and official launch of the Southeast Asia Economic Strategy to 2040 by Prime Minister Albanese.
The strategy sets out a practical pathway to increase Australia’s two-way trade and investment with Southeast Asia. It outlines how Australia can seize the vast opportunities our diverse and vibrant region presents and what Australia can offer our region, as a trusted and reliable partner. It outlines 75 key recommendations across four priority areas for development including raising awareness, building capability, removing blockages and deepening investment.
With a population approaching 700 million people and an economy more than twice the size of our own, Southeast Asia offers Australian businesses many new avenues of growth.
To find out more about the Southeast Asia Economic Strategy to 2040, visit: https://www.dfat.gov.au/southeastasiaeconomicstrategy
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