A $2 billion fund to boost investment in Southeast Asia is among a suite of Federal Government initiatives announced at the ASEAN-Australia Special Summit in Melbourne.
Managed by Export Finance Australia, the $2 billion Southeast Asia Investment Financing Facility (SEAIFF), will provide loans, guarantees, equity and insurance for projects that would boost Australian trade and investment in Southeast Asia, particularly in support of the region’s clean energy transition and infrastructure development.
Addressing 100 Australian and Southeast Asian CEOs at the Special Summit, Prime Minister Anthony Albanese unveiled a package of focussed initiatives which, in addition to the SEAIFF, included:
- $140 million over four years to extend the Partnerships for Infrastructure Program. The Program will support efforts to improve regional infrastructure development and attract more diverse, quality infrastructure finance – including from the Facility. The program has been running since 2021 and has assisted partners to accelerate transport connectivity, the clean energy transition and telecommunications reforms.
- Appointing 10 Business Champions to facilitate greater commercial links between Australia and the economies of ASEAN. The Champions are senior Australian business leaders who will ensure Government and the private sector work in tandem to boost our two-way trade and investment.
- The launch of regional technology ‘Landing Pads’ in Jakarta and Ho Chi Minh City. The new Landing Pads will provide on-the-ground support for Australian businesses to boost technology services exports to Southeast Asian markets, following the establishment of the initial ‘Landing Pad’ in Singapore in 2017.
- Improving visa access for Southeast Asia. Business Visitor visas will be extended from three to five years. The ten-year Frequent Traveller stream will be extended to eligible ASEAN Member States and Timor-Leste.
