The digital transformation of one of the world’s biggest economic blocs will be a key focus tomorrow (29 August 2024) at Australia’s biggest-ever business summit for ASEAN nations in Sydney.
The Australia-ASEAN Business Forum 2024 to be held on August 29 and 30 in Sydney will bring together government leaders, CEOs and industry pioneers from across the ASEAN region to explore how regional partnerships can drive continued economic prosperity for Australia and its ASEAN partners.
The Association of Southeast Asian Nations is one of Australia’s biggest trading partners. In 2023,
Australia’s two-way trade with ASEAN nations amounted to $183.4 billion – greater than our two-way trade with Japan, the United States or the EU.
ASEAN’s digital economy is on track to grow from approximately $300 billion to almost $1 trillion by 2030 according to the World Economic Forum, unlocking unprecedented opportunities for Australian trading partners.
The forum’s Digital Transformation and Innovation panel will feature experts who are shaping ASEAN’s hi-tech future to explore the future of doing business in a digitally integrated ASEAN.
Organising Chairman Francis Wong said the digital economy and innovation were major priorities for member nations who were finalising The ASEAN Digital Economy Framework Agreement for 2025 to support nations at different stages of digital integration.
“Artificial Intelligence was declared the top priority at this year’s ASEAN Digital Ministers meeting and alongside digital integration will impact every part of the ASEAN economy,” Mr Wong said.
“It will change the way we trade, pay for goods and services, how we work and how we create opportunities,” Mr Wong said.
“ASEAN has also signed on to digital e-commerce rules as part of the RegionalComprehensive Economic Partnership (RCEP) and the recently upgraded ASEAN-Australia-New Zealand FTA (AANZFTA).
As many as 500 delegates seeking to support the ASEAN economic cooperation are expected to attend. “ASEAN is the world’s fifth largest economy and it is coming to Sydney,” Mr Wong said
This year’s event will also include a second day dedicated to an ASEAN showcase and business matching, giving member countries and Australian investors an in-person platform to connect directly.
Two regional and bilateral free trade agreements, the ASEAN-Australia-New Zealand Free Trade
Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP), are already in place to support investment and market access.
The Forum will be attended by Trade and Tourism Minister, Senator Don Farrell, Assistant Minister for a Future Made In Australia and Assistant Minister for Trade, Senator Tim Ayres and NSW Minister for Industry and Trade, AnoulackChanthivong. ASEAN Secretary-General H.E.Dr. Kao Kim Hourn is providing a video message to the forum.
Event Partners this year include Austrade, Investment NSW, Business NSW, HSBC, Canopy Sands Development and Apeirogon Group.
The Australia-ASEAN Business Forum takes place from 9am tomorrow and Friday at the ICC Sydney
