Key Take-Aways from the ASEAN Summit
Last Updated 27 March 2024
Fuelling Future Growth
Navigating the diverse markets of Southeast Asia is an evolving challenge, and as our Newsletter series has highlighted so far, one rich with opportunities for Australian businesses.
The recent ASEAN summit held in Melbourne, Australia, has set the stage for what lies ahead. 🔍
Australian businesses keen on strengthening ties or venturing into Southeast Asia should take note of the critical areas discussed at the recent ASEAN Summit. If you are looking to expand into Southeast Asia, it is not just about riding the wave of growth - it's about fuelling it.
What is in store?
Australia's $2 billion handshake with South East Asia
The newly launched A$2 billion Southeast Asia Investment Financing Facility is strategically designed to catalyse trade and investment initiatives, with a special focus on advancing renewable energy and infrastructure development within the region.
What are the potential pay-offs for your business?
Here's the cliff notes:
Infrastructural Investments: The Partnerships for Infrastructure initiative is being extended, offering tremendous opportunities for Australian businesses to contribute to and benefit from high-quality infrastructure projects across ASEAN nations.
Business Champions: ‘Business Champions’ will be on the ground fostering commercial linkages between Australia and our ASEAN neighbours.
Tech Boost: With 'Landing Pads' in Jakarta and Ho Chi Minh City, Australian tech and its ability to drive digital transformation across the region are in the spotlight.
Visa Improvements: The extension of the Business Visitor Visa and the introduction of the Frequent Traveller stream signal that Southeast Asia is open for business—more than ever.
Focusing on Digital Innovations: Regional hubs for Investment Deal Teams in key cities like Singapore, Jakarta, and Ho Chi Minh City will become the nerve centres for orchestrating high-impact investments.
Green Transition: Assisting in the region's sustainable leap forward, $10 million has been allocated specifically for Climate and Clean Energy initiatives.
What does this all mean for you?
Although the details are still being fine-tuned, the conversations signify a commitment to expanding tangible, diversified engagements in burgeoning Southeast Asian markets where you can carve out your enterprise's presence with greater support than ever before.
From investing in renewable energy to capitalising on enhanced trade frameworks, Australian businesses have an incredible opportunity to be in the right place at the right time in order to seize these opportunities.
Australia is actively working to strengthen business connections with Southeast Asia, having already implemented several initiatives; below is an overview of recent initiatives, and we expect to see more incentives being launched to bolster key sectors.
National Reconstruction Fund Corporation is investing $15 billion to support seven priority areas of the Australian economy including Resources, Transport, Medical Science, Defence Capability, Renewable and low-emission technologies, Agriculture and Forestry and fisheries.
A range of export market development grants are available which you can read up on Austrade's official website - these grants encourage small to medium enterprises to market and promote their goods and services globally.
Export grants applicable to Australian food and agribusinesses from across all levels of government, and the team at Export Connect have a handy list available.
Specifically designed for small businesses, Small Business Export Loans can be used for a wide range of export purposes – find our more at Export Finance Australia.
Not to mention research, government and industry partnerships such as the UQ Agri Food Innovation Alliance to better improve and innovate Agri Food sector.
We look forward to seeing a range of new programs coming from the discussions of ASEAN to foster business relationships between these two regions further.
How Do You Get Started in Southeast Asia?
Knowing how to begin exploring a new market can be challenging; here are some essential considerations for getting started and opening the doors to Southeast Asia:
Evaluate the optimal legal structure for your business, whether it's a Sole Proprietorship, Company Incorporation, or Limited Liability Partnership—each demands distinct strategies.
Secure a reliable regional partner to collaborate with. Register your business name and legal structure promptly.
Stay informed about in-country licensing prerequisites and ensure your taxes are consistently filed.
Understand the visa stipulations for employees considering relocation to support your business locally.
Localise your business terms and conditions and ensure the terms are consistent with local laws and enforceability.
At CSLB Asia, we are here to support your strategic moves within the ASEAN-Australia corridor. We make sure your business is set-up correctly in Southeast Asia so you can focus on the opportunities for your business.
The ASEAN summit will open up many doors for Australian businesses to expand and thrive in Southeast Asia. If you need assistance making your first or next move in Southeast Asia, don't hesitate to connect with us and find out the latest updates as they come up!
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Connect with us today, and let us help you navigate this exciting period of growth and collaboration. If you would like to know more about opportunities to support your business, please reach out for a chat.
Last Updated 27 March 2024