In April, the Albanese Labor Government pledged to send five new trade and investment missions to priority markets. I am pleased this week to see the third mission get underway with a delegation visiting Singapore and Malaysia.
Southeast Asia is experiencing rapid economic growth, and Singapore and Malaysia serve as vital gateways to access these markets for Australian exporters, investors and businesses.
Delegates on this investment mission will gain firsthand insights into Singapore’s role as a regional industrial and investment hub and Malaysia’s emergence as a key industrial and trade gateway in Southeast Asia.
The mission brings together representatives from 16 leading Australian companies. It is led by Shayne Elliott, Australia’s Business Champion to Singapore and former CEO of ANZ Bank, and Tony Lombardo, Business Champion for Malaysia and Group CEO of Lendlease.
Since the launch of our government’s Southeast Asia Economic Strategy to 2040, the $2 billion Southeast Asia Investment Financing Facility, and the deployment of dedicated Investment Deal Teams, engagement with the region has surged.
Australian businesses supported by Austrade recorded more than $1 billion in trade outcomes across Southeast Asia last year, a 45% increase on previous years.
When Australian businesses grow their footprint in Southeast Asia, the benefits flow back home creating jobs, opening markets, and strengthening our economy.