KUALA LUMPUR, June 27 – Australia is intensifying efforts to strengthen its economic engagement with Southeast Asia through a high-level trade and investment mission currently visiting Malaysia and Singapore.
Australia’s Trade and Tourism Minister Don Farrell said the delegation is part of five trade missions pledged by the Albanese government in April to deepen links with priority markets across the region.
“Southeast Asia is experiencing rapid economic growth, and Singapore and Malaysia serve as vital gateways to access these markets for Australian exporters, investors and businesses,” he said in a statement today, shared with Bernama by the Australian High Commission in Malaysia.
The third mission under this initiative involves representatives from 16 leading Australian companies, led by Australia’s business champion to Singapore and ANZ Bank former chief executive officer (CEO) Shayne Elliott and business champion for Malaysia and Lendlease group CEO Tony Lombardo.
The delegation is expected to gain insights into Singapore’s role as a regional industrial and investment hub while exploring Malaysia’s emergence as a key industrial and trade gateway in Southeast Asia.
The statement also noted that since the launch of Australia’s Southeast Asia Economic Strategy to 2040, along with the introduction of an AU$2 billion (RM6.3 billion) Southeast Asia investment financing facility and the deployment of dedicated investment deal teams, engagement with the region has surged.
Australian businesses supported by the Australian Trade and Investment Commission (Austrade) recorded more than AU$1 billion in trade outcomes across Southeast Asia last year — a 45 per cent increase from previous years.
“When Australian businesses grow their footprint in Southeast Asia, the benefits flow back home — creating jobs, opening markets, and strengthening our economy,” he added.
Malaysia is Australia’s second-largest trading partner in ASEAN and its 10th-largest partner overall, with total trade in 2023-2024 valued at AU$33 billion.
Besides the Malaysia-Australia Free Trade Agreement, Malaysia and Australia are also members of the ASEAN-Australia-New Zealand Free Trade Agreement, the Regional Comprehensive Economic Partnership, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
