Trade minister leads first investment mission under SE Asia economic strategy

Don Farrell is in Singapore leading a delegation of Australian investors who together manage $2 trillion in assets.

The group is Australia’s first investment mission under the Southeast Asia Economic Strategy to 2040.

In a statement, the minister said he would use the trip to launch a Singapore Deal Teams Hub which will work to identify a pipeline of investment-ready projects for Australian investment in the region.

“As a bloc, Southeast Asia is projected to become the world’s fourth-largest economy, with a potential consumer market that is 10 times larger than Australia by 2040,” Farrell said.

“Greater engagement with Southeast Asia is a priority for the Labor government, and we are determined to leverage the enormous opportunities for Australian businesses in the region.”

While in Singapore, Farrell will also sign three landmark Indo-Pacific Economic Framework (IPEF) agreements on behalf of Australia: a fair economy agreement, an overarching agreement, and a clean economy agreement.

“These three agreements, in addition to the previously signed IPEF supply chain agreement, will help facilitate investment to strengthen economic ties and support the region’s transition to net-zero,” he said.

During his visit, Farrell will participate in the third Australia-US Strategic Commercial Dialogue with US Secretary of Commerce Gina Raimondo.

He will also meet with Singapore’s President Tharman Shanmugaratnam, Prime Minister Lawrence Wong, and Minister for Trade and Industry Gan Kim Yong.

Farrell will later attend the first IPEF Clean Economy Investor Forum, where he will address 300 of the region’s largest investors and entrepreneurs.

“[At this forum I will] make the case for increased two-way investment in the region to build new clean energy industries of the future,” the minister added.