Australian businesses are set to benefit from increased opportunities in Southeast Asia as international supply chains are being reshaped. The Australian Trade and Investment Commission (Austrade) and Singaporean financial services group DBS (SGX:D05) have signed a memorandum of understanding (MoU) to facilitate expansion for Australian companies and investors into DBS’s Southeast Asian markets, including Indonesia, Malaysia, Singapore, and Vietnam. DBS set up its Australia branch in 2015 to facilitate business growth, connecting Australian clients with Asia. DBS is a leading financial services group in Asia, offering a full range of services to businesses, governments, institutional and retail investors.
The MoU, coinciding with the 10th anniversary of DBS’s Sydney branch, marks a commitment to advancing Australia’s economic priorities both domestically and internationally. The partnership will provide crucial resources such as market insights, regulatory guidance, and connections with regional partners and industry leaders. Where appropriate, DBS will provide advisory services including support on market entry strategies, financial planning and risk management.
Austrade CEO Dr Paul Grimes noted that supply chains are being remapped and trade routes re-written, creating compelling opportunities for Australian businesses. Southeast Asia is projected to become the world’s fourth-largest economy by 2040, with a young, dynamic workforce. The collaboration between Austrade and DBS aims to leverage this potential, providing timely and practical support to businesses looking to capitalise on the region’s expanding middle class and increasing demand for digital and sustainable development.
In line with Australia’s Southeast Asia Economic Strategy to 2040, the MoU provides a practical pathway to increase market awareness and facilitate investment. With Australia’s direct investment into Southeast Asia stagnating, Austrade seeks to boost trade and investment in the region, recognising its growing energy demand and Australia’s role as a substantial resource supplier, with over $31 billion in exports in 2022.
