The Australian Ministry for Trade, Tourism and Investment recently established the Philippine chapter of Australia-Asean Chamber of Commerce (AustCham Asean), touted as a new organization for Australian businesses in the region.
Consisting of a network of over 3,000 corporate members, AustCham Asean will highlight commercial opportunities and improve coordination of Australia’s business interests in fast-growing Southeast Asian economic region.
With a two-way trade worth $93 billion in 2016, Asean as a bloc is Australia’s third-largest trade destination behind China and the European Union, according to Minister for Trade, Tourism and Investment Steven Ciobo, MP.
Ciobo said, “The Asean region is projected to grow by around 5 percent annually for the next five years and is already larger than the sixth-largest individual economy in the world.”
He added, “Australian business is well-placed to take advantage of these opportunities, through geographic proximity, cultural and linguistic ties, as well as strong links in education and tourism.
“Australia can provide a lot of what Asean’s growing consumer class want: high-quality food, education, professional services, as well as resources and energy.”
The minister continued, “I will continue to work closely with my Asean partners to grow trade and investments between us.”
Image credits: Stephanie Tumampos