The Australian government’s plan to establish investment deal teams in Southeast Asia is a “revolutionary” move.
Senior Trade and Investment Commissioner Christopher Lim of the Australian Embassy in Manila said their government generally encourages overseas companies to invest in Australia.
“This is actually revolutionary for us. We never do something like that,” Lim told the Philippine News Agency (PNA) during a media reception at the residence of Australian Ambassador to the Philippines Hae Kyong Yu PSM in Makati City on Friday.
“What we realized with that strategy is we’re not investing enough in our region,” he said, noting that Australia has invested more in New Zealand, which has a population of only 5 million compared to the 680 million market in the 10-nation Association of Southeast Asian Nations (ASEAN).
Yu said the deal teams would look for opportunities in the ASEAN for Australian businesses to invest in.
“(E)conomic relation is so important…and in recognition of this, the Australian government has rolled out the Southeast Asia Economic Strategy 2040…The Prime Minister [Anthony Albanese] has announced three measures. One is that the government is going to set up Investment Deal Teams right across Southeast Asia,” he said. “We want to see more scalable investments coming into the Philippines.”
Lim said despite the Philippines not hosting a deal team, the Australian Trade and Investment Commission (AusTrade) would be working closely with the teams to get Australian firms to invest in the Philippines.
“The general advantages that the Philippines has is the young, digital savvy, English-speaking population that is growing. That is the demographic dividend that allow so many things to happen in different ways, be it in technology, creative industries, education,” he said.
Aside from the investment deal teams, the immediate actions of the Australian government under its “Invested: Australia’s Southeast Asia Economic Strategy to 2040” include the Southeast Asia Business Exchange to boost two-way trade between the ASEAN and Australia and the Placements and Internships Pilot Program for Young Professionals.
The Australian government will pour in 70.2 million Australian dollars for the investment deal teams, 19.2 million Australian dollars for the Southeast Asia Business Exchange, and 6 million Australian dollars for the internship program over four years.
In a press conference last month, the embassy’s Deputy Head of Mission, Moya Collet, said ASEAN countries get only 3.4 percent of Australia’s total investments overseas.
On Sept. 21, the AusTrade said in a news release that the investment deal teams in Southeast Asia would identify opportunities in priority sectors, provide market intelligence to investors, and advise on risk management and regulatory processes. (PNA)
