Australia, a $1.6 trillion economy which has since strengthened relations with neighbors across Asia, looks to substantially boost its economic engagement in countries under the ASEAN in the years forward.
This was bared by Australia special envoy for Southeast Asia, Nicholas Moore AO, who noted the 11-country grouping is forecast to grow by an annual compounded rate of 4 percent through 2024.
“While Australia is closely engaged in the region, including through a network of trade agreements, we can do more to boost trade and investment,” the ambassador said.
According to Moore, former chief executive officer at Macquarie Group, Australia is well positioned to accelerate its economic ties with is neighbors in Southeast Asia.
“We have the potential to be a substantial investor due to our well-capitalized corporate sector, our deep and sophisticated capital markets, and our substantial national savings pool, including our superannuation industry. If attractive opportunities are available, these savings could be available for direct investment, as well as supporting Australian companies with sound investment plans. There are also significant opportunities to boost our trade relationship to help meet the needs of businesses and consumers throughout the region,” he said.
Australia has since done the initial spadework having already consulted business, government and non-profit organizations and having actually received 200 written submissions across ASEAN.
“The consultation process was supported by extensive analysis to highlight the current state of trade and investment and identify future opportunities in the region. The volume and tone of the responses provide a strong basis for optimism, and underscore the vital role the Australian Government has in assisting this development,” Moore said.
He acknowledged that boosting Australia trade and investment in the region requires long-haul effort from both business and government beyond 2024 but expressed optimism that with the right approach, Australia realizes the extraordinary opportunities present in the ASEAN.
