The Albanese Government is establishing a $2 billion investment financing facility to boost investment in Southeast Asia as part of a suite of economic initiatives announced at the ASEAN-Australia Special Summit in Melbourne.
Australia's two-way investment with ASEAN was worth $307 billion in 2022. Two-way trade with ASEAN accounted for $178 billion in 2022, accounting for 15 per cent of Australia's trade, which is greater than our trade with Japan or the United States.
The intiatives fulfil recommendations from Invested: Australia's Southeast Asia Economic Strategy to 2040, which was launched last year by Prime Minister Albanese to deepen Australia's economic engagement with the region and ensure our shared prosperity.
Addressing 100 Australian and Southeast Asian CEOs at the Special Summit today, Prime Minister Anthony Albanese unveiled a package of focussed initiatives that represent the next phase of the Government's response to recommendations in the Southeast Asia Economic Strategy, including:
- A $2 billion Southeast Asia Investment Financing Facility (SEAIFF). Managed by Export Finance Australia, the SEAIFF will provide loans, guarantees, equity and insurance for projects that would boost Australian trade and investment in Southeast Asia, particularly in support of the region's clean energy transition and infrastructure development.
- $140 million over four years to extend the Partnerships for Infrastructure Program. The Program will support efforts to improve regional infrastructure development and attract more diverse, quality infrastructure finance – including from the Facility. The program has been running since 2021 and has assisted partners to accelerate transport connectivity, the clean energy transition and telecommunications reforms.
- Appointing 10 Business Champions to facilitate greater commercial links between Australia and the economies of ASEAN. The Champions are senior Australian business leaders who will ensure Government and the private sector work in tandem to boost our two-way trade and investment.
- The launch of regional technology 'Landing Pads' in Jakarta and Ho Chi Minh City. The new Landing Pads will provide on-the-ground support for Australian businesses to boost technology services exports to Southeast Asian markets, following the establishment of the initial 'Landing Pad' in Singapore in 2017.
- Improving visa access for Southeast Asia. Business Visitor visas will be extended from three to five years. The ten-year Frequent Traveller stream will be extended to eligible ASEAN Member States and Timor-Leste.
Quotes attributable to Prime Minister Anthony Albanese:
"Australia's economic future lies in our region.
"I am proud to lead a Government that is strengthening our trade and investment ties with Southeast Asia, directly contributing to our shared economic prosperity.
"These initiatives represent further investments in our future and ensure we are working with Southeast Asia as it continues to grow in economic size and reach.
"When our region prospers, Australia prospers.
"Our work internationally is delivering for Australians – for jobs, for our economy and for our people."