Two weeks ago the PM Mr Albanese launched the government’s South-East Asian Economic Strategy during a speech at the ASEAN summit (see our article HERE). The strategy was developed by Nicholas Moore AO, who is Special Envoy for Southeast Asia. During his interview on the ABC’s ‘7.30’ program on Monday he explained that in his report he had put forward no less than 75 ways we can improve our trade ties with SE Asia.
Mr Moore found Australia’s trade and investment growth with the region had not kept pace with South-East Asia’s economic growth over the past 20 years. He emphasises a need for business, working in tandem with government, to be more proactive in initiating two-way trade and investment.
Consultations for the preparation of the report included 200 written submissions and more than 750 meetings Mr Moore and his team had with individuals in South-East Asia and Australia across governments, business and civil society.
The report breaks down the challenge into four categories: raising awareness, removing blockages, building capability and deepening investment.
Within those four categories are 75 different recommendations as well as 10 different industry groups seen to have high potential.
The 10 key industry sectors that were identified are: agriculture and food; resources; green energy transition; infrastructure; education and skills; visitor economy; healthcare; digital economy; professional and financial services; and creative industries.
Expanding on the four categories:
The first one is about awareness, asking: What are the opportunities in the region for Australian businesses and investors? And what are the opportunities in Australia for the Asian investors and businesses?
The second is identifying blockages that the Government can take action to fix. Mr Moore points out that everything we are doing is two-way, not just Australian investment in the regional, or the regional investment in Australia, but both ways.
Thirdly is capability, which comes down to people-to-people skills, and looks at the opportunities that exist today and opportunities we know that are coming tomorrow.
Fourthly he talks about investment. Can the Australian Government think about its balance sheet and say how can it help deepen investment between the two countries?
Read more of the report from DFAT’s website HERE. There are drop-downs on the left side of the page for the 10 industry groups.
By 2040, South-East Asia as a bloc is likely to be the fourth-largest economy in the world. Fifty-five per cent of the region’s 687 million population is under the age of 35, and this youthful demographic forms a base for a large, productive working-age population to 2040 and beyond.
Mr Moore concludes his foreword to the report on DFAT’s website with this statement:
“Boosting trade and investment will require a long-term effort from both business and government through to 2040 and beyond. The strategy should be reviewed annually to examine outcomes and to take account of changing circumstances. With the right approach, we can realise the extraordinary opportunities our region presents.”
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