The Business Council of Australia has welcomed the Federal Government’s plan to forge stronger economic ties with Southeast Asia through its Southeast Asia Economic Strategy to 2040.
In a statement, Business Council chief executive Jennifer Westacott said, “Southeast Asia is a critical region for Australian business. The region’s population is expected to grow to 768 million by 2040, with a rapidly expanding middle class. This strategy outlines how Australia can realise the vast opportunities our diverse and vibrant region presents. It also describes what Australia can offer a region as a trusted and reliable partner.
“By identifying key priority sectors across agriculture, education, skills, infrastructure, resources, and green energy, we can double down on our efforts to tap into these expanding economies which offer huge growth and investment opportunities for Australia,” Westacott added.
The Business Council cited its “Seize the Moment” report which stressed the need for the government to urgently address Australia’s ability to be globally competitive so it can swiftly take opportunities presented by these new emerging markets.
“Together, we are committed to positioning Australia as a cutting-edge frontier economy, well integrated into global supply chains, and fostering beautiful brows and collaboration with southeast Asia in both bilateral trade and investment,” Westacott said.
In a related development, the incoming BCA Chief Executive Bran Black is in Jakarta to participate in the ASEAN-Indo-Pacific Forum and other related meetings in line with the Strategy’s formal launch.
“Engaging with key partners from Indonesia and across ASEAN and gaining an ‘on the ground’ appreciation of this unique region is of critical importance,” Black said. “This region offers great potential if we can harness the opportunities and I look forward to working with BCA members and with governments across Australia on how best to achieve this uplift for our nation’s future prosperity.”
