‘Australia’s economic destiny lies in South-East Asia’: Albanese

Prime Minister Anthony Albanese has unveiled the national strategy for South-East Asia from the ASEAN Summit in Jakarta, as he says Australia’s “economic destiny” lies in the region.

The document details 75 recommendations the government will adopt to increase trade and investment in the region over the next two decades.

“Australia’s economic engagement with the region has not kept pace with the growth of Southeast Asian economies,” Albanese said.

“The strategy we outline today reflects an enduring truth: this is where Australia’s economic destiny lies, and this is where our shared prosperity can be built.”

The strategy includes spending nearly $100 million on the identification of investment opportunities, business exchange programs and pilot programs for placements for young professionals.

Mr Albanese said the government would work through implementing all 75 recommendations in an “orderly way”, saying the strategy would also strengthen security links with Asian nations.

“There’s a complete link between the economy and economic relations and national security,” Albanese said.