Anthony Albanese attend ASEAN Summit 2023
Prime Minister Anthony Albanese highlights key takeaways during the ASEAN Summit and the ASEAN Indo-Pacific Forum hosted by President Joko Widodo. He's launching the 'Invested' economic strategy aimed at strengthening Australia's ties with Southeast Asia called “Invested: Australia Southeast Asia’s Economic Strategy to 2024.” Southeast Asia is expected to become the world's fourth-largest economy by 2040. In 2022, two-way trade with ASEAN exceeded AU$178 billion, and two-way investment reached AU$307 billion.
Currently, there are four priorities that stand out which are raising awareness, removing trade barriers, building capability, and deepening investment across various sectors, such as agriculture, energy, infrastructure, and education. A substantial investment of AU$95.4 million has been announced to support these initiatives. Also, The Prime Minister stresses that Australia's economic future is intertwined with Southeast Asia, emphasizing the need to diversify trade relationships and create a 'future made in Australia.' The ongoing visa review process was also mentioned, and the government will continue to consider the 75 recommendations provided in the report. Economic engagement is seen as crucial for national security and prosperity