Cambodia Investment Review
The Australia-ASEAN Business Forum 2024, where CIR Media will be participating as a media partner, is set to take place on August 29-30 in Sydney. This event, the largest-ever business summit focused on economic and trade relations between Australia and ASEAN nations, will bring together key government leaders, CEOs, and industry pioneers from across the ASEAN region. The forum will explore how sustainability and regional partnerships can drive economic prosperity for both Australia and its ASEAN partners.
Strategic Importance of ASEAN to Australia’s Economic Future
Australia’s Trade and Tourism Minister, Senator Don Farrell, emphasized the strategic importance of Southeast Asia in Australia’s trade agenda. “Australia’s economic future lies with Southeast Asia. ASEAN is not only an enormous growth opportunity for Australian business but also a key diversification market for our exporters,” Farrell stated. He highlighted the forum’s significance, noting, “The Australia-ASEAN Business Forum represents a great opportunity to connect with businesses on the front line of this economic partnership, and to discuss ways we can work together to make our relationship even stronger.”
Senator Tim Ayres, Assistant Minister for a Future Made In Australia and Assistant Minister for Trade, echoed Farrell’s sentiments. “The Australia-ASEAN Business Forum 2024 presents valuable opportunities for us to strengthen trade and investment relationships with our ASEAN partners,” Ayres remarked, underscoring the potential for deeper collaboration and economic ties.
The forum will feature a broad range of speakers, including H.E. Abang Johari Openg, Premier of Sarawak, H.E. Dr. Sthabandith Insisiengmay, Vice Minister of Laos, and several ambassadors and industry leaders. ASEAN Secretary-General H.E. Dr. Kao Kim Hourn will contribute a video message to the event, reinforcing the regional commitment to fostering strong economic ties.
Key Themes: Sustainability, Innovation, and Collaboration
This year’s forum will place a strong emphasis on sustainability, innovation, and regional collaboration as drivers of economic growth and prosperity. NSW Minister for Industry and Trade, Anoulack Chanthivong, pointed out the significance of ASEAN as a trading partner for New South Wales. “ASEAN as a bloc is NSW’s third-largest trading partner, with two-way trade in goods worth a combined $36.4 billion. It is projected to become the world’s fourth-largest economy by 2040,” Chanthivong stated.
He also reflected on his recent trade mission to Vietnam, Thailand, and Singapore, where he observed the region’s growing focus on sustainability, quality education, skills development, health resilience, and the green and digital economies. “These are all areas where NSW businesses excel and can partner to achieve mutual benefits,” he said. “We look forward to hosting the 2024 Australia-ASEAN Business Forum in Sydney, which serves as a platform to strengthen our growing trade and investment relationship.”
The event will also feature a dedicated ASEAN showcase and business matching session on the second day, providing Australian investors and ASEAN member countries an in-person platform to forge new partnerships and explore opportunities for collaboration.
CIR Media’s Role in Providing Comprehensive Coverage
CIR Media, the publisher of Cambodia Investment Review, will be on the ground providing detailed coverage and insights into the discussions and outcomes of this significant event. Harrison White, CEO of CIR Media, commented on the importance of the forum, stating, “The Australia-ASEAN Business Forum 2024 is a pivotal event for fostering deeper economic ties between Australia and ASEAN nations. As a media partner, CIR Media is committed to delivering in-depth analysis and coverage that will shed light on the critical issues discussed during the forum.”
Organizing Chairman Francis Wong anticipates significant participation, estimating that the event could attract as many as 500 delegates. Wong emphasized ASEAN’s growing economic significance, stating, “ASEAN is the world’s fifth-largest economy, and it is coming to Sydney.”
In 2023, Australia’s two-way trade with ASEAN nations totaled $183.4 billion, surpassing trade volumes with Japan, the United States, and the European Union. With two regional and bilateral free trade agreements already in place—the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP)—the forum is expected to play a crucial role in shaping the future of economic and trade relations between Australia and the ASEAN region.
