The ASEAN-Australia Special Summit 2024: An Overview

Posted by Written by Ayman Falak Medina Reading Time: 3 minutes

Between March 4-6, 2024, Australia hosted ASEAN member states for the ASEAN-Australia Special Summit. It also marked 50 years of Australia’s dialogue partnership with ASEAN.

Unveiling Opportunities in ASEAN for Australian Investors: Key Sectors, FTAs, Country-wise Breakdown, and 2024 Prospects

Tuesday, April 2, 2024 | 3:00 PM AEDT / 2:00 PM AEST / 11:00 AM Vietnam

In this webinar, Ines Liu, Head of the Australian Desk, and Senior Manager at Dezan Shira & Associates, will explore the investment potential and economic benefits for Australian businesses & investors in ASEAN. The webinar will give insights on Australia’s Southeast Asia Economic Strategy to 2040, trade and investment trends, and foreign investment opportunities in ASEAN.

Topics that will be addressed during this webinar:

  • ASEAN-Australia economic partnerships and strategic initiatives to facilitate investment.
  • Overview of bilateral and regional FTAs and their benefits
  • Key sectors included in the Southeast Asia Economic Strategy to 2040.
  • Country-wise analysis of Vietnam, Indonesia, and Singapore, highlighting foreign investment opportunities in these key markets

This webinar is FREE of charge.

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Australia became ASEAN’s first dialogue partner in 1974 and has collaborated to make the region more peaceful and prosperous. In 2014, ASEAN and Australia formally became strategic partners and in 2021, established a Comprehensive Strategic Partnership, highlighting ASEAN’s growing importance as a key trading partner for Australia.

Under Australia’s ‘Southeast Asia Economic Strategy to 2040’, the government has identified several priority sectors that can help boost trade between Australia and Southeast Asia. These include agriculture, healthcare, infrastructure, the digital economy, and education.

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By 2040, Southeast Asia is expected to have the world’s fourth-largest economy, with a compound annual growth rate of four percent between 2023 and 2040.

The region thus offers opportunities for Australian businesses in a variety of sectors in Southeast Asia ranging from green energy to infrastructure to healthcare. As such, two-way trade could reach A$465 billion (US$302 billion) by 2040, an increase from the current level of A$287 billion (US$186 billion).

What was achieved at the summit?

At the summit, Australia and the ASEAN members agreed to deepen their economic, cultural, educational, and environmental cooperation.

Southeast Asia Investment Financing Facility

In addition, Australia will back the establishment of  A$2 billion (US$1.3 billion) Southeast Asia Investment Financing Facility which will provide loans, guarantees, and equity to catalyze Australian private sector investments into the region.

Partnership for infrastructure program

Through the Partnership for Infrastructure program, Australia will provide A$140 million (US$93 million) to support infrastructure development as well as attract quality infrastructure financing to ASEAN.

Supportive immigration policy

Australia will improve visa access to ASEAN member states by extending the business visitor visa length from three to five years. Further, the country will introduce a Frequent Traveller stream which will provide a 10-year visa for eligible ASEAN states.

Hubs for Investment Deal Teams

Australia will establish investment Deal Team hubs in Jakarta, Singapore, and Ho Chi Minh City. The Deal Teams aim to draw on public and private sector expertise to identify and facilitate outbound investment opportunities for Australian businesses. As such, the teams will provide market intelligence and advise on regulatory matters for Australian investors.

Technology Landing Pads

Australia aims to establish technology ‘Landing Pads’ in Jakarta and Ho Chi Minh City. These Landing Pads help businesses scale up their technology and break into the market; the first Landing Pad was launched in Singapore in 2017.

Since its inception, the Singapore hub has guided over 120 companies and delivered commercial outcomes worth over US$17.5 million (US$11.6 million).

The Australia-Southeast Asia Business Exchange

The Australia-Southeast Asia Business Exchange (SEABX) program aims to help Australian businesses capture new opportunities in ASEAN in addition to helping ASEAN businesses deepen their business literacy on the Australian business climate.

Maritime cooperation

Australia also announced A$64 million (US$42.5 million) of funding for the Southeast Asia Maritime Partnerships Initiative to help the country expand its maritime cooperation with ASEAN states.

Current collaboration in the program includes:

  • Geospatial mapping through Geoscience Australia;
  • Coral reef conservation;
  • Maritime law enforcement; and
  • Marine environmental governance.

Climate and clean energy

The Mekong-Australia Partnership will receive an additional A$222.5 million (US$147.8 million) in funding to tackle shared development challenges in the Mekong subregion.

The Energy Cooperation Package

Australia will provide A$6.9 million (US$4.5 million) funding package under the Aus4ASEAN Futures Initiative to support the ASEAN Centre for Energy.

Climate and Clean Energy Window

A$10 million (US$6.6 million) will also be granted to facilitate knowledge-sharing to address climate change.

About Us

ASEAN Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore, Hanoi, Ho Chi Minh City, and Da Nang in Vietnam, in addition to Jakarta, in Indonesia. We also have partner firms in Malaysia, the Philippines, and Thailand as well as our practices in China and India. Please contact us at asean@dezshira.com or visit our website at www.dezshira.com.