Business Envoy June 2023

Bolstering our trade and investment ties is central to the Government’s commitment to strengthen the connections and partnerships between Australia and our region, and advance our shared interests in a secure, prosperous and stable region.

Our Southeast Asia Economic Strategy to 2040, led by Nicholas Moore, will map out further export and investment opportunities matching Australian capabilities across key sectors in the region.

Senator the Hon Penny Wong Minister for Foreign Affairs

Senator the Hon Don Farrell Minister for Trade and Tourism

The region is a significant consumer of Australia’s energy, agricultural products, minerals and education. Its countries are vibrant, innovative and digitised. With half the population under the age of 30, Southeast Asia is also home to the world’s fastest growing online market for goods and services. Against this backdrop, now is the time to focus our efforts to strengthen our two-way trade and investment with Southeast Asia. While our quality Australian products, services and expertise are valued in Southeast Asia, more can be done – especially on investment. This has been a key focus of my recent consultations with businesses and other important stakeholders in Australia and our region to help inform the Australian Government’s Southeast Asia Economic Strategy to 2040.

The strategy will consider how emerging regional trends will impact Southeast Asian economies over the next two decades, and where Australia is best placed to respond. Importantly, we are not just looking to boost Australia’s trade and investment to the region. We are also seeking to increase imports and investment from the region to Australia. Successful long-term trade and investment can only be built on deep understanding and trust, and central to that are our people-to- people links. One in two Australians are either born overseas or have parents who were born overseas, and many are from our region. In addition, we have many more people living across Southeast Asia who have studied or worked in Australia. Many Australians have made their home in the region too.

Australia’s universities consistently rank among the world’s best and are a vast resource of research and innovation. They are a good example of how our services sector can contribute to capability building across the region. If Australian businesses can harness our skills, capability and investment to seize the economic opportunities Southeast Asia offers, then both our nation and region will prosper. You can find more information about the Southeast Asia Economic Strategy to 2040 at dfat.gov.au/ southeastasiaeconomicstrategy

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Department of Foreign Affairs and Trade

business envoy

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