Southeast Asia is one of the fastest-growing global regions and will be home to one of the most dramatic economic transformations of the 21st century. Throughout the region, population growth, increasing large and affluent middle classes, and urbanisation trends will create growing demand for a wider range of goods, services and skills.

Nicholas Moore - Australia’s Special Envoy for Southeast Asia

Vietnam, for example, aims to become a high-income country by 2045 with growth targets of 6.5-7.5 per cent annually and seeks to move up the global value chain from a manufacturing export-oriented economy based on fossil fuels to one with advanced technology, services, and highly skilled labour based on renewable energy to reach its ambitious commitment to net-zero emissions by 2050.

The considerable opportunity presented by Southeast Asia is at the core of my report for the Australian government, Invested: Australia’s Southeast Asia Economic Strategy to 2040, launched in Jakarta on September 6.

Expanding Australia’s trade and investment links with our region is critical to ensuring our shared future prosperity.

My strategy sets out a practical pathway to capitalise on this opportunity, and recommends ways governments can increase two-way trade and investment by raising awareness, removing blockages, building capacity, and deepening investment.

I examined 10 key sectors, which I believe offer the most potential for economic growth – agriculture and food; resources; green energy transition; infrastructure; education and skills; visitor economy; healthcare; the digital economy, professional and financial services; and creative industries.

Following extensive consultations, including a productive visit to Vietnam earlier this year, I have formulated 75 recommendations for consideration by the Australian government.

I welcome the Australian government’s commitment to immediately support key initiatives that go to the heart of my strategy.

To increase investment in the region, Australia will establish deal teams to help identify opportunities and commercial partners, and provide market intelligence and guidance on risk, regulation and government engagement.

To raise awareness of business opportunities in Southeast Asia among Australian business, Australia will initiate a Southeast Asia Business Exchange – focussed on coordinating business missions to the region, targeting priority sectors and stepping-up coordination with Southeast Asian diaspora.

To expand trade and investment ties between Australia and Southeast Asia, the government will deliver a trade and investment promotion campaign in Australia, which will build understanding of Southeast Asian goods and services and highlight the region as an investment destination.

And to grow capability in Australia and Southeast Asia, a placements and internships pilot programme for young professionals – with an initial focus on investment, energy transition and the digital economy – will deliver enduring links between Australian and Southeast Asian businesses.

These early responses to the strategy demonstrate the Australian government’s commitment to increasing trade and investment with Vietnam and across Southeast Asia. Australian businesses are also taking notice of the opportunities the region presents – more than 170 Australian businesses people attended the recent ASEAN summits in Jakarta.

Maintaining an invested and long-term effort – from both business and government in Australia and throughout the region – is critical to ensuring our shared prosperity and maximising our economic potential, from now until 2040, and beyond.