ASTRALIA Foreign Minister Penny Wong announced Canberra’s plan to invest 64 million Australian dollars in the next four years to enhance maritime partnerships with the Association of Southeast Asian Nations which she said would contribute to security and prosperity within the region.
” I announced Australia will invest $64 million to enhance our Southeast Asia Maritime Partnerships. The new commitment will expand our maritime cooperation and contribute to the security and prosperity of the region, consistent with the priorities of Southeast Asian countries,” Senator Penny Wong said.
Wong announced the new commitment at the ASEAN-Australia Special Summit 2024.
The summit marks fifty years since Australia became the first official partner of ASEAN.
Leaders of the ten-member bloc traveled to Melbourne to participate in the three-day summit.
Australian Prime Minister Anthony Albanese also announced a two billion dollar funding under the Southeast Asia Investment Financing Facility.
The initiative will provide loans, guarantees, equity, and insurance as Canberra increases trade and investment in the region.
