Australia unveils US$1.3 billion fund to hitch its future to Southeast Asia
- ‘Southeast Asia is where Australia’s future lies,’ Australian PM Anthony Albanese said as he announced the fund aimed at boosting trade and investment
- The money will be focused towards clean energy and infrastructure and providing loans, guarantees, equity and insurance, he said
“The government I lead has made it clear. More than any other region, Southeast Asia is where Australia’s future lies,” Albanese told a business forum on the summit’s sidelines.
Australia and Southeast Asia must together face this moment with a sense of optimism and urgency
The fund, which was recommended last year by Australia’s envoy to the region, will focus on clean energy and infrastructure and provide loans, guarantees, equity and insurance. Australia will also tip in an extra A$140 million to extend an existing programme which advises the region on infrastructure projects.
“Australia and Southeast Asia must together face this moment with a sense of optimism and urgency,” Alabanese said on Tuesday in his speech announcing the fund. “Because while there is so much untapped potential, there is not unlimited time. We must act together, and we must act now.”
Following a series of bruising disputes, Australia has increasingly looked to build economic ties outside of major trading partner China.
The Asean bloc, fuelled by years of swift and sustained population growth, is widely seen as an emerging economic powerhouse.