An AU$2 billion investment financing facility to boost investment – in support of the region’s clean energy transition and infrastructure developments across Southeast Asia – was announced by Prime Minister Albanese at the recent ASEAN-Australia Special Summit in Melbourne.  

The Albanese Government announced several initiatives to implement key recommendations from the report Invested: Southeast Asia Economic Strategy to 2040, authored by Nicholas Moore AO.

This announcement is on the back of Australia’s Southeast Asia Economic Strategy to 2040 launched last year, and a welcomed injection of funds – not only for the ASEAN Southeast Asia region but also for Australian businesses wanting to make the leap into Asia but not having the know-to-all nor the funds to do it.

Of particular interest for Victoria Cleantech Cluster (VCC), is the launch of regional technology ‘Landing Pads’ in Jakarta and Ho Chi Minh City (HCMC) to boost technology services exports from Australia.

Daniel Lancefield, Victorian Cleantech Cluster Manager, says, “This is a very welcomed and timely announcement. Victorian companies have expressed interest in business-match introductions in Vietnam and other Southeast Asian countries. We are currently exploring options for cleantech businesses in Australia to participate in trade missions to Vietnam and SE Asia in 2024 and beyond. Vietnam’s Renewable Energy market is projected to grow by 7.41%  between 2024-2028. A recent report from McKinsey notes that Vietnam needs to increase its renewable energy mix by 78% to reach 2050 climate commitments. It stands to reason that Australia’s economic future is clearly linked with our Asian neighbours”. (read more from VCC here)

The announcement was well received by over 100 Australian and Southeast Asian CEOs at the ASEAN Special Summit event.

The ASEAN mandate is a consensual agreement – to accelerate economic growth, social progress, and cultural development in the region and to promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries in the region and adherence to the principles of the United Nations Charter.

Read the full Australian government announcement press release here.

To find out more about the Victoria Cleantech Cluster participating in trade missions to Vietnam and SE Asia in 2024 and beyond,  please contact Daniel Lansfield: daniel@victoriancleantech.org.au