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Australia looks to boost investment ties with Southeast Asia in 2040 strategy

10 Jul 2025, 6:53 AM
Australia looks to boost investment ties with Southeast Asia in 2040 strategy

KUALA LUMPUR, July 10 — Australia’s Southeast Asia Economic Strategy to 2040 lies at the core of its renewed commitment to strengthening two-way trade and investment with the Southeast Asia region, which is set to become the world’s fourth-largest economy by 2040.

Australian Foreign Minister Penny Wong said that enhancing engagement with Southeast Asia — especially by rebuilding trust and deepening cooperation — has become a key priority for the government under Prime Minister Anthony Albanese’s leadership.

“It is (Asean) central to regional stability, guards against conflict and reinforces the rules and norms that protect us all,” she said in a statement today.

Noting that Australia is Asean’s first dialogue partner and a comprehensive strategic partner, Wong commended the bloc’s critical contribution to the country’s aspirations for the region.

She added that as Australia marks 70 years of diplomatic presence in Malaysia, she looks forward to meeting Prime Minister Datuk Seri Anwar Ibrahim and Foreign Minister Datuk Seri Mohamad Hasan to discuss ways to further strengthen economic, strategic and people-to-people ties between the two countries.

She also reiterated Australia’s strong support for Malaysia’s Asean chairmanship in 2025, noting that its theme “Inclusivity and Sustainability” reflects shared values and common goals between both countries.

In the same statement, Wong emphasised that she will reaffirm Australia’s commitment to working with Asean on conflict prevention, as well as its steadfast support for multilateralism, rules-based trade and international law, during the East Asia Summit Foreign Ministers’ Meeting and the Asean Regional Forum scheduled for tomorrow.

Wong today attended the Post-Ministerial Conference of the 58th Asean Foreign Ministers’ Meeting at Kuala Lumpur Convention Centre here.

The session, chaired by Indonesian Foreign Minister Sugiono, was also attended by Mohamad, Asean secretary-general Kao Kim Hourn, as well as foreign ministers from Asean members and Timor Leste.

— Bernama

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