IN September 2023, Australia launched our blueprint for increasing two-way trade and investment with Southeast Asia in ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040.’
Invested 2040 was born out of a simple truth: that Australia’s security is linked to Southeast Asia’s economic prosperity. Now with over two years since the strategy’s launch, it is time to reflect on what we’ve achieved, and what more we can do.
The international landscape has changed considerably since 2023, with increased uncertainty, unprecedented disruptions to global trade, and heightened geopolitical tensions. At times like these, we all need to increase and diversify our trade and investment networks. Strengthening our commercial engagement helps to sustain and increase regional prosperity and resilience.
Australia is committed to the rules-based multilateral trading system, while remaining a strong advocate for free, fair and open trade. As an Asean Dialogue Partner for over 50 years and a Strategic Partner to the Philippines, we are a reliable partner that this country, and Southeast Asia can count on.
Australia is fully committed to boosting economic ties with the Philippines. Our bilateral trade reached over P400 billion last year. Two-way investment also grew to nearly P300 billion in 2024, including Philippine investments in Australian renewable energy and port infrastructure.
This year, we successfully upgraded Asean’s highest quality trade agreement-the Agreement Establishing the Asean-Australia-New Zealand Free Trade Area, which will hike market access, reduce business costs, and foster greater trade and investment.
We are working hard to grow these numbers further. Our countries recently agreed to expand air services from 35 to 60 flights per week, with a further increase to 70 flights in 2026. In December, Jetstar will commence direct flights from Perth to Manila and establish a new Brisbane to Cebu route, strengthening our visitor economies. The opening of Western Sydney International Airport in 2026 will offer 24/7 operational flexibility to support Southeast Asia’s fast growing travel sector.
We’ve also improved visa access, including for Filipinos, by reducing red tape and making it easier for Southeast Asian companies to do business in Australia.
Australia’s Business Champion for the Philippines Shemera Wikramanayake launched ‘Invested: The Philippines to 2040-Opportunities and Pathways for Australian Investors.’ This report explains to prospective Australian companies why they should invest here. It highlights the Philippines’ economic strengths, reforms, and opportunities for Australian investors in resources, infrastructure, green energy, education and skills, the digital economy and agribusiness.
Our efforts are translating into groundbreaking Australian investment in the Philippine energy, resources and services sectors. For example, President Marcos Jr. recently awarded four exploration licences to Australian oil and gas companies to help strengthen the local energy security. Our investors have funded this country’s first lithium-ion battery manufacturing plant.
But more can be done to increase Australian investment. Over the last 18 months, the embassy has held seven business missions to raise awareness about opportunities in the Philippine education, mining and energy sectors. We are seeing promising opportunities in the digital economy, education, and infrastructure sectors.
Last month, Australia’s Prime Minister Albanese announced two more investments under Southeast Asia Investment Financing Facility to support Australian investment into the region: an AU$175 million equity investment into Industry Fund Management’s Investors’ Asia-Pacific Fund, and a AU$77-million equity investment to assist Plenary in establishing a new Southeast Asia private-public partnership platform fund for greenfield infrastructure projects across Southeast Asia, including the Philippines.
That is why Invested 2040 is in our mutual interests. Through international trade and investment, we gain the goods, ideas, and efficiencies to strengthen our economies and build opportunity and prosperity together.