Improved visa access for Southeast Asia, better finance opportunities to boost trade and investment, and on-the-ground support for businesses in Indonesia and Vietnam have all been flagged to strengthen Australia’s standing in the region.

Prime Minister Anthony Albanese will use an address to 100 Australian and Southeast Asian CEOs on Tuesday to make five new policy announcements stemming from recommendations in an economic strategy for the region. 

There will be $2 billion in loans, guarantees, equity and insurance managed by Export Finance Australia to help support the clean energy transition and $140 million over four years to extend an infrastructure partnership program. 

More support will be provided to businesses in Jakarta and Ho Chi Minh City to increase technology services exports to Southeast Asian markets.

Ten senior Australian business leaders dubbed “champions” will facilitate greater links between Australia and the region, and business validity visas will be extended from three years to five.

A 10-year frequent traveller visa scheme will also be extended to eligible ASEAN nations and East Timor. 

Australia’s future lays in Southeast Asia more than in any other region, Mr Albanese is expected to say in his address. 

Two-way trade between ASEAN nations and Australia passed $178 billion in 2022, greater than that of the US or Japan.

“There is room for much stronger economic partnerships between us,” he will tell the forum.

“Australia and Southeast Asia must together face this moment with a sense of optimism and urgency because while there is so much untapped potential, there is not unlimited time.

“We want to ensure businesses in Southeast Asia can access the markets that are available in Australia.”

Treasurer Jim Chalmers, Trade Minister Don Farrell, Industry Minister Ed Husic and Agriculture Minister Murray Watt will all join the prime minister at the gathering alongside other assistant ministers.

Mr Albanese is also set to meet with ASEAN secretary general Kao Kim Hourn on Tuesday ahead of the Australia-Singapore annual leaders meeting.

The ASEAN-Australia Special Summit opened in Melbourne on Monday and brought together leaders from the region. 

Australia announced an additional $222.5 million for water security, combating transnational crime and responding to climate change through the Mekong-Australia Partnership over five years.

An extra $40 million will be put towards expanding Australia’s Southeast Asian maritime partnerships.

This post was originally published on Michael West.