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Australia will spend A$2 billion to boost investment in South East Asia (SEA) as part of a number of economic initiatives announced at this week’s ASEAN-Australia Special Leaders’ Summit, marking 50 years of dialogue in Melbourne. ($1.3 billion) investment loan facility has been established.
This effort includes recommendations from: Investing: Australia’s Southeast Asia Economic Strategy to 2040; The scheme was launched last year by Australian Prime Minister Anthony Albanese to deepen Australia’s economic engagement with SEA, according to an Australian government media release.
Addressing 100 Australian and Southeast Asian CEOs at a summit on March 5, Mr Albanese unveiled the initiative, which includes a A$2 billion fund called the Southeast Asia Investment Finance Facility (SEAIFF), managed by Export Finance Australia. According to the statement, SEAIFF provides financing, guarantees, equity and insurance for projects aimed at promoting trade and investment in Australia’s SEA, particularly to support the region’s clean energy transition and infrastructure development. It is said that it will provide.
A$140 million over four years has been allocated to extend the Infrastructure Program Partnership. The program aims to support efforts to improve regional infrastructure development and attract more diverse and high-quality infrastructure finance. The program has been in place since 2021 and has helped partners accelerate transportation connectivity, clean energy transition, and telecommunications reform.
Australia has also appointed 10 ‘business champions’ to foster commercial links between Australia and the ASEAN economy. Champions are senior Australian business leaders.according to Australians are Macquarie group CEO Shemela Wickramanayake is one of the champions and has been tasked with opening opportunities with the Philippines, while ANZ chief executive Shane Elliott is responsible for Singapore. It is given.
landing pad
Another initiative is the launch of regional technology “landing pads” in Jakarta (Indonesia) and Ho Chi Minh City (Vietnam). The new Landing Pad follows the establishment of the first ‘Landing Pad’ in Singapore in 2017, providing local support for Australian companies to facilitate the export of technology services to Southeast Asian markets.
Business visitor visas for people from SEA will be extended from three years to five years. The 10-year Frequent Traveler Stream will also be extended to eligible ASEAN member states and Timor-Leste.
Mr Albanese said: “Australia’s economic future lies in our region and I am proud to lead a Government that is strengthening our trade and investment relationships with South East Asia and contributing directly to our shared economic prosperity. “This commitment represents further investment in our future and means we can ensure Australia remains sustainable.” We work with SEA, which continues to grow in economic size and scope. ”
He added: “When our regions thrive, Australia thrives. Our international work contributes to jobs, the economy and our people.”
Australia’s two-way investment with ASEAN was worth A$307 billion in 2022. Two-way trade with ASEAN in 2022 was A$178 billion, accounting for 15% of Australia’s trade, which is larger than our trade with Japan and the US.
Singaporean Prime Minister He Lee Hsien Loong, who is visiting Australia, said: “We welcome Prime Minister Albanese and his government’s efforts to deepen ties with Southeast Asia through the Southeast Asia Economic Strategy.” [to] 2040. Singapore has long supported Australia in strengthening its relationship with Southeast Asia and will continue to do so. Our bilateral relationship continues to grow despite global uncertainties and economic headwinds. ”
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