The Australian government is poised to establish an Investment Deal Team in the Philippines to encourage Australian investments in the country.
The creation of the Deal Teams is one of three immediate initiatives outlined in Australia's newly launched Southeast Asia Economic Strategy 2040. I Photo: Fred Pascual Facebook
Australian Trade and Tourism Minister Don Farrell made this announcement during a press conference in Adelaide on the sidelines of the 6th Philippines-Australia Ministerial Meeting (PAMM), which was attended by foreign and trade leaders from both nations.
Minister Farrell stated, "We have agreed to promote opportunities to boost two-way trade and investment by sending a business mission to the Philippines next year and establishing an Investment Deal Team in Manila."
These Deal Teams will be tasked with identifying investment opportunities in the region for Australian companies.
The creation of the Deal Teams is one of three immediate initiatives outlined in Australia's newly launched Southeast Asia Economic Strategy 2040. The Australian government has allocated 70.2 million Australian dollars for establishing these teams in ASEAN.
The other initiatives include the Southeast Asia Business Exchange and the Placements and Internships Pilot Program for Young Professionals.
Minister Farrell emphasized that the Australian government considers the Philippines an "extremely important" economic partner.
During the same press conference in Adelaide, Department of Trade and Industry (DTI) Secretary Alfredo Pascual expressed that the strategic partnership with Australia demonstrates a strong commitment across various areas, including security, maritime affairs, people-to-people interactions, trade and investments, and regional strategic matters.
Secretary Pascual added, "We will collaborate to further strengthen cooperation in areas of mutual interest such as agriculture, education, critical minerals, and clean energy. There's significant potential for enhancing these collaborations."