Australia vows deeper economic ties with ASEAN, says Albanese

KUALA LUMPUR: Australia has reaffirmed its long-term commitment to ASEAN, saying it is fully invested in the region’s growth and prosperity, said Prime Minister Anthony Albanese.

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Australia launched a A$1.28B programme to support ASEAN in areas like clean energy, digital transformation, and healthcare.
PM Albanese reaffirmed Australia's commitment, saying three-quarters of its aid benefits Southeast Asia.
A A$20B investment pipeline was announced, aiming to deepen economic ties and drive regional prosperity through 2040.

He said Canberra’s engagement was guided by its regional strategy for 2040, Invested, which outlines plans to boost trade, investment and sustainable economic development across Southeast Asia.

‘At a time of global economic uncertainty, Australia certainly does remain invested and committed to Southeast Asia's growth and prosperity.

"Three quarters of our total overseas development assistance funding benefits our region," Albanese said in his opening remarks at the fifth Asean-Australia Summit.

He added that Australia’s A$1.28 billion (RM4.01 billion) development programme in the region aimed to build economic resilience, advance digital transformation and support the shift towards cleaner, more affordable energy.

He also said the programme also focused on creating stronger economies, improving healthcare services and delivering better outcomes for communities across ASEAN.

"Above all, Australia's partnership with ASEAN is anchored in deep trust between our nations and enduring friendship between our peoples," he said.

Australia has mapped out an investment pipeline worth A$20 billion (RM61.8 billion) across Southeast Asia as it embarks on a new phase of regional economic cooperation.

On Monday, Prime Minister Anthony Albanese said Australia’s goal was to become an active and trusted partner in the region’s economic transformation, rather than remaining on the sidelines.

He said the renewed commitment followed strong momentum last year, with two-way trade hitting a record high, up by nearly A$6 billion, while Australian investment in Southeast Asia grew by about A$2 billion.