AUSTRALIAN GOVERNMENT’S PIONEERING INITIATIVE TO BOOST INVESTMENTS IN SOUTHEAST ASIA

MANILA – The Australian government’s plan to establish investment deal teams in Southeast Asia marks a groundbreaking development.

Senior Trade and Investment Commissioner Christopher Lim, representing the Australian Embassy in Manila, highlighted that their government typically encourages foreign companies to invest in Australia.

“This is actually revolutionary for us. We’ve never done something like this before,” Lim remarked during a media reception hosted by Australian Ambassador to the Philippines Hae Kyong Yu PSM at her residence in Makati City on Friday, as reported by the Philippine News Agency (PNA).

Lim emphasized that the strategy reflects a realization that Australia has not been investing adequately in its neighboring region. He pointed out that Australia has invested more in New Zealand, which has a population of only 5 million, compared to the massive market of 680 million people within the 10-nation Association of Southeast Asian Nations (ASEAN).

Yu explained that the role of these deal teams would be to identify investment opportunities within the ASEAN for Australian businesses.

“Economic relations are of paramount importance, and recognizing this, the Australian government has launched the Southeast Asia Economic Strategy 2040. The Prime Minister, Anthony Albanese, has announced three key measures. One of them is the establishment of Investment Deal Teams throughout Southeast Asia,” he stated. “We aim to attract more substantial investments into the Philippines.”

Lim further mentioned that even though the Philippines will not host a deal team, the Australian Trade and Investment Commission (AusTrade) will closely collaborate with the teams to encourage Australian firms to invest in the Philippines.

“The Philippines possesses significant advantages, primarily its youthful, tech-savvy, English-speaking population, which is rapidly expanding. This demographic dividend enables various opportunities, whether in technology, creative industries, or education,” Lim added.

In addition to the investment deal teams, the immediate actions of the Australian government under its “Invested: Australia’s Southeast Asia Economic Strategy to 2040” include the Southeast Asia Business Exchange, aimed at enhancing trade between ASEAN and Australia, and the Placements and Internships Pilot Program for Young Professionals.

Over the course of four years, the Australian government will allocate 70.2 million Australian dollars for the investment deal teams, 19.2 million Australian dollars for the Southeast Asia Business Exchange, and 6 million Australian dollars for the internship program.

In a recent press conference, Moya Collet, Deputy Head of Mission at the embassy, revealed that ASEAN countries receive only 3.4 percent of Australia’s total overseas investments.

On September 21, AusTrade announced in a press release that the investment deal teams in Southeast Asia would be responsible for identifying opportunities in priority sectors, providing market intelligence to investors, and offering guidance on risk management and regulatory processes.