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Australia Unveils Southeast Asia Economic Strategy

Australian Prime Minister Anthony Albanese, along with key ministers, has announced the Southeast Asia Economic Strategy for 2040, aiming to bolster trade and partnerships with Southeast Asian nations. The strategy, developed by Special Envoy for Southeast Asia Nicholas Moore, highlights 10 priority sectors, including agriculture, infrastructure, healthcare, and education, to foster economic growth.

Australia has committed A$95.4 million ($60.8 million) to support investment deal teams, business exchange programs, and young professional placement initiatives in the region. The strategy also calls for reducing foreign investment barriers, streamlining visas, and expanding air links with key Southeast Asian countries. In 2022, Australia’s two-way trade with Southeast Asian nations totaled A$178 billion.