Australia has announced plans to establish a significant finance facility worth A$2 billion ($1.3 billion) aimed at boosting trade and investment in Southeast Asia, demonstrating its commitment to strengthening ties with the ASEAN bloc, which stands as the country’s second-largest two-way trading partner.
Treasurer Jim Chalmers emphasized the importance of the region, stating, “Our future lies in our region … ASEAN is where the action is, we want to get a bigger slice of that action for the Australian people.”
Chalmers assured that the fund would be tailored to suit investors while also aligning with Australia’s national interests. He highlighted the objective of turbocharging two-way investment, which plays a crucial role in enhancing regional economic prosperity.
Prime Minister Anthony Albanese is expected to reveal further details of the fund during a speech to business leaders at the Association of Southeast Asian Countries (ASEAN) summit in Melbourne. The initiative comes as Australia commemorates 50 years since becoming ASEAN’s inaugural external partner, signifying its commitment to deepening engagements with the rapidly growing region amidst China’s expanding diplomatic and military influence.
While Albanese’s office has yet to provide official comments on the matter, reports suggest a proactive approach in bolstering ties with ASEAN nations.
In a related move, Foreign Minister Penny Wong announced A$286.5 million ($186.5 million) in funding for ASEAN projects, with a focus on areas such as maritime security. This allocation underscores Australia’s commitment to supporting regional stability amid growing tensions over China’s assertiveness and territorial disputes in the South China Sea.
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