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.

Image Courtesy of: President Bongbong Marcos (Facebook)

By: Junex Doronio

STRESSING ‘EXCITING’ OPPORTUNITIES, President Ferdinand “Bongbong” Marcos Jr. has asked European countries to boost their ties with Southeast Asia, including the Philippines.

The President made the remark as he welcomed Nicolas Brühl, the Ambassador-designate of the Swiss Confederation, at Malacañang Palace on Wednesday, September 20.

“I think it is actually wise in terms of European countries, Switzerland included, to look to ASEAN, to look to Asia. Although there are other geopolitical disturbances, shall we say, but the opportunities are quite exciting,” PBBM noted.

He also pointed out that the post-pandemic scenario presents a great opportunity for European countries to have a better collaboration with the Philippines.

“ASEAN leaders have come together to really strengthen the economic systems that we have in place, the weaknesses that have shown up during the pandemic. We’re all trying to learn the lessons that the pandemic brought with it,” PBBM added.

Brühl agreed with the President, saying the good thing is Asian economy is recovering well compared to other parts of the world.

The Swiss ambassador said that beginning of this year, Swiss Foreign Ministry’s Southeast Asia strategy proves that the region is of utmost importance and vowed to partner with it in the future.

Brühl further said that the Swiss Foreign Ministry’s Southeast Asia strategy has proved that the region is of utmost importance.

The Philippines and Switzerland celebrated 65 years of diplomatic relations in January 2022.

Both countries continue to maximize the benefits of the Philippines–European Free Trade Association Free Trade Agreement (PH-EFTA-FTA).

On April 28, 2016, the EFTA States, Iceland, Liechtenstein, Norway, and Switzerland, signed a Free Trade Agreement (FTA) with the Philippines in Bern, Switzerland.

(ai/mnm)