Albanese Government offers $2.1 billion to help businesses grow in Asia

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Katina Curtis
The Nightly
1 Min Read
Anthony Albanese with Malaysia Prime Minister Anwar Ibrahim.
Anthony Albanese with Malaysia Prime Minister Anwar Ibrahim. Credit: Asanka Ratnayake/Getty Images

Australia will spend more than $2.1 billion helping businesses get a foothold and increase trade in southeast Asian countries as the region grows enormously.

Prime Minister Anthony Albanese will announce a new fund offering loans, guarantees and equity for businesses looking to increase their investment in the region, especially in clean energy and infrastructure, along with on-the-ground support from “landing pads” and business champions who can help navigate new markets.

“We want to create a better environment for business by identifying opportunities for co-investment and dismantling barriers that hold back innovation and enterprise,” he will tell 100 chief executives gathered in Melbourne on Tuesday as part of the ASEAN-Australia special summit.

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“Making it easier for all of you to do what you do best: create jobs, drive growth and build the next generation of prosperity for Australia, southeast Asia and our shared future.”

Businessman Nicholas Moore, who wrote a blueprint for the Government on boosting investment in the region, said the potential was enormous.

Southeast Asia would need an extra 454 gigawatts of power by 2050, mainly renewables, while its consumer base would grow tenfold, he told the summit on Monday.

Mr Albanese and Malaysian Prime Minister Anwar Ibrahim discussed their countries’ growing cooperation on green energy at a meeting on the sidelines of the summit on Monday.

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