The government’s commitment to fostering strong partnerships and seizing opportunities in Southeast Asia’s growing markets is emphasized by a new $2 billion fund set up to improve Australian trade and investment opportunities in the region, as announced by Prime Minister Anthony Albanese. The fund, known as the Southeast Asia Investment Financing Facility, was proposed by the government’s special advisor Nicholas Moore to enhance Australian trade and investment in fields like clean energy and infrastructure. This fund will provide financial support through loans, guarantees, equity, and insurance for projects in the region.
During the ASEAN summit, Mr. Albanese highlighted the importance of forming a strong partnership with the region and emphasized the critical investment for the future. Additionally, there will be an expansion of business visas for more people to access longer-term visas. Two-way trade between ASEAN nations and Australia reached $178 billion in 2022, making ASEAN Australia’s second-largest two-way trading partner.
The ASEAN-Australia Special Summit in Melbourne focused on discussing security, clean energy, emerging leaders, and maritime operations and security. The opposition welcomed the consistency in engagement policy with ASEAN nations but expressed scepticism about how the funds would be spent. Political figures and organizations like the Australian Council for International Development expressed caution, calling for more details on how the financing program would work to address climate change and mobilize private sector funds.