Key sectors highlighted in the document include agriculture, energy security, clean energy transition, infrastructure, education, digital economy and tourism.
Australia has outlined a new national strategy for greater trade and investment with Southeast Asia, along with initiatives to boost economic ties between the two regions.
“Southeast Asia is experiencing remarkable growth. It will be the world's next economic powerhouse, the world's fourth largest economy by 2040,” said Mr Albanese. Last year, two-way trade between Australia and ASEAN was worth more than A$178 billion , while investment totalled some $307 billion .Australian Special Envoy for Southeast Asia Nicholas Moore said that awareness for potential business opportunities between the two regions needs to be raised.
“Hence, our number one group of recommendations focus on how we can increase awareness of the opportunities in the Southeast Asian region, and also how the region can see Australia and the opportunities we can offer.”The strategy comes with 75 recommendations, of which three were adopted by the Australian government on the day of the launch.
The other recommendations will be studied and progress will be reviewed annually by Australia’s foreign and finance ministries to ensure the strategy stays on track.
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