PRESS RELEASE
Philippine Embassy, Canberra
1 Moonah Place, Yarralumla, ACT 2600
www.philembassy.org.au *Tel. No. 02-6273-2535*
10 September 2024, SYDNEY – Over 500 government and business leaders from ASEAN countries and Australia gathered for the 2024 Australia-ASEAN Business Forum held in Sydney on 29-30 August 2024 to capitalize on opportunities for trade and investment in green economy and energy transition, agriculture and food security, medical and health resilience, digital transformation and innovation, and start-ups and venture capital.
The Forum is supported by the ASEAN Committee in Canberra, currently chaired by Philippine Ambassador to Australia H.E. Ma. Hellen De La Vega, and featured addresses by ASEAN Secretary General Kao Kim Hourn, Minister for Trade and Tourism Don Farrell and Assistant Minister for Trade and for a Future Made in Australia Tim Ayres.
In her welcome remarks, Ambassador De La Vega emphasized that the Forum’s theme “New Direction with New Opportunities” signifies the renewed focus in the ASEAN-Australia cooperation towards deeper, more innovative, and mutually beneficial collaboration in response to evolving and emerging challenges and opportunities.
“With a population exceeding 650 million, 60% of whom are under the age of 35, ASEAN's demographic is a powerful engine driving our economies and provides a conducive environment for accelerated economic growth and development,” underscored Ambassador De La Vega.
“ASEAN is a prime destination for investment. ASEAN countries have implemented measures including liberalizing policies. For instance, the Philippines has allowed full foreign investment in renewables”, Ambassador De La Vega noted.
The Ambassador stated that the Philippines is an ideal platform for integrating global supply chains and the country’s strategic location offers compelling advantages for businesses alongside its stable macroeconomic fundamentals, fiscal prudence and structural reforms.
IT Business Process Outsourcing Association of the Philippines (IBPAP) President Mr. Jack Madrid represented the Philippines in the digital transformation and innovation panel. The ITBPM industry is a key pillar of the Philippine economy.
Mr. Madrid shared that the ITBPM industry of the Philippines has generated $35 billion in revenue with over 80% in global clients including providing support services to Australian companies. The industry accounts for 8% of the country’s GDP and employs more than 1.7 million people. Mr. Madrid highlighted the skilled talent pool of the Philippines’ ITBPM workforce and welcomed opportunities to upskill in order to adapt to the dynamic landscape and shifting market demands.
Meanwhile, SF Group of Companies COO Ms. Jennifer Joy Subang represented the Philippines in the agriculture and food security panel. SF Group of Companies is a Davao-based agriculture company at the forefront of revolutionizing the Philippine agriculture industry through digitalization, optimization, and modernization to reshape the future of agribusiness, particularly in Mindanao which is considered the food basket of the Philippines.
Ms. Subang noted that agriculture is the least digitalized sector in the Philippines and elaborated on initiatives such as drone technology for rice production – a staple food in the Philippines. She underscored the need for collaboration to introduce innovation and technology to increase production yield and quality food at competitive costs in order to be globally competitive.
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 which is greater than its trade with Japan, the United States and EU. - END
