Australia unveils $1.3bn fund for investment with ASEAN

Albanese pledges to support companies taking larger role in fast-developing region

20240305 Australian Prime Minister Anthony Albanese

Australian Prime Minister Anthony Albanese speaks at a news conference with his Singaporean counterpart, Lee Hsien Loong, in Melbourne on March 5. © AP

SHAUN TURTON, Nikkei staff writer

March 5, 2024 12:34 JST

MELBOURNE -- Australia will establish a 2 billion Australian dollar ($1.3 billion) fund to boost trade and two-way investment with Southeast Asia, Prime Minister Anthony Albanese said Tuesday.

The Southeast Asia Investment Financing Facility will focus on infrastructure and green-economy transition projects. Albanese said he wanted to make sure Southeast Asian companies can access the Australian market, while touting Australia as an "exporter of knowledge and a sharer of expertise."