PM's $70m ‘deal teams’ to grow Asian business

Prime Minister Anthony Albanese has announced new Australian “investment deal teams” to be based in South East Asia, as part of a $95.4 million investment to support Asian engagement.

Mr Albanese revealed the plan while addressing the Indo-Pacific Forum at the Association of South East Asian Nations (ASEAN) on the nation’s economic strategy for the region through to 2040.

The deal team initiative will place specialised teams in the region which will draw on public and private sector expertise to identify Australian investment opportunities and support projects through to finalisation.

The deal teams will cost $70.2 million over four years.

“These teams will develop a pipeline of investment-ready projects and advise Australian investors on matters from regulatory approvals to finding local commercial partners,” Mr Albanese said.

The teams are one of three strategies announced by the Prime Minister on his visit to Indonesia today alongside a South East Asian business exchange program designed to foster trade, as well as an exchange program for young professionals to help them gain experience in Australian business.

The exchange programs will cost $19.2 million and $6 million over four years, respectively.

The initiatives come off the back of a report compiled by the nation’s special envoy to South East Asia Nicholas Moore, who visited every ASEAN nation outside Myanmar over the course of 2023.

Mr Moore’s report identified four key priorities – raising awareness, removing blockages, building capability and deepening investment – as the crux of its strategy to 2040.

Agriculture and food, energy security and the clean energy transition, infrastructure and education and skills were identified as key sectors for potential growth.

“There are significant opportunities for our businesses in South East Asia’s fast-growing economies, including in infrastructure and the clean energy transition,” Mr Albanese said.

“We will also benefit from further South East Asian investment and exports, which are already making notable contributions to the Australian economy.”

Foreign Minister Penny Wong said the government was focused on making itself strong and more influential in the world, with strengthening Asian ties a key priority.

“Investing in priority sectors such as the green energy transition, infrastructure and food security is an investment in Australia’s future and the future of the region,” she said.

“The strategy reinforces that trade and investment diversification is key to our shared future prosperity and economic security.

“We seek genuine partnership with South East Asian economies to capture untapped opportunities for mutual benefit.”

Mr Albanese’s appearance in Indonesia comes amid trade tensions between the two nations over live cattle, with lumpy skin disease detected in imported Australian cows.

Australia has been given a deadline of September 12 to demonstrate its cattle is lumpy skin disease free, with the nation’s acting chief veterinary officer Beth Cookson insisting the disease has never been detected locally.

Meanwhile, Western Australia’s Indonesian delegation including Premier Roger Cook and International Education Minister David Templeman will today visit the Singhasari Special Economic Zone.

The delegation will witness memorandums of understanding signed with WA education and training providers around training development and upskilling.

The zone is East Java’s hub for tourism and digital technology development, and the government said it played a key role in WA and East Java’s film production partnership.

The delegation will also visit a basketball academy alongside former Perth Wildcat and Olympian Andrew Vlahov.

“This is an opportunity to outline ways we can develop closer economic and cultural ties, especially in the areas of workforce development, training, upskilling, international education and creative industries to support jobs and boost our local economy,” Mr Cook said.

“The WA Government is excited to explore the emerging opportunities that benefit both the State and Indonesia as we diversify and strengthen the WA economy.”