MALAYSIA TO BE AMONG FIRST STOPS FOR AUSTRALIA'S BUSINESS EXCHANGE MISSION

Malaysia will be among the first countries to receive a mission under the Australian government's new programme to boost trade with Southeast Asia.

Australia's Trade and Tourism Minister Don Farrell said the mission, which focuses on the abundant trading opportunities especially in clean energy transition, will head to Malaysia and Singapore next month.

“Our government has invested over A$19 million (A$1=RM3.07) through the Australia-Southeast Asia business exchange. 

“This business exchange is all about getting boots on the ground, sending our world-class agriculture, mining, education, infrastructure, technology and tourism businesses to the region to build lasting connections with customers, suppliers, investors and partners and to learn first-hand how to do business in Southeast Asia,” he said at the 2024 ASEAN-Australia Special Summit.

Farrell was delivering the keynote address at the CEO Forum on the second day of the three-day summit here, which also marks the 50th anniversary of Australia's dialogue partnership with ASEAN.

According to the minister, Australia sees ASEAN not only as representing an enormous growth opportunity for Australian businesses but also as a key diversification market for its exporters.

Despite its size, growth and proximity, Southeast Asia has only received about 30% of Australia's total exports, he said.

Meanwhile, ASEAN Secretary-General Dr Kao Kim-Hourn said offers vast opportunities with a market size of 671 million people, a growing middle class, and abundant resources. 

“The focus should be on creating a favourable environment for investment and leveraging diverse policies and instruments,” said Kao.

He said ASEAN is intensifying its sustainability efforts, particularly in economic sectors, by developing a regional approach towards carbon neutrality that creates a structured pathway for a low-carbon future. 

Through its strategy for carbon neutrality, he said, ASEAN is on the right path to capture the potential of the green economy in the region. 

“In fact, ASEAN's strategy on carbon neutrality includes transformation in several areas, including the adoption of renewable energy, sustainable agriculture, development of carbon markets, attracting green capital, ensuring best practice in research and development in green technology,” he added.