Leaders arrive at ASEAN-Australia Summit

Australia unveiled plans to ramp up investment in Southeast Asia on Tuesday, setting aside US$1.3 billion to bolster trade in a region of rising economic might.

Australian Prime Minister Anthony Albanese greeted leaders from the ASEAN forum in Melbourne for a three-day summit and announced the funding. Anthony Albanese, Australian Prime Minister said "Today, we've announced a number of further additions coming on top of the announcements that we made in Jakarta when we released the report. So we now have been placed infrastructure financing facility worth AUS$2 billion.”

Australia's new funding package will provide export financing and loans geared largely toward infrastructure and renewable energy projects. Albanese said it was the most significant upgrade of Australia's economic engagement with ASEAN for ageneration.