The Albanese Administration is introducing a $2 billion investment financing facility aimed at enhancing investment in Southeast Asia as one of several economic measures unveiled during the ASEAN-Australia Special Summit held in Melbourne. In 2022, Australia's bilateral investment with ASEAN amounted to $307 billion. Likewise, two-way trade with ASEAN stood at $178 billion in the same year, representing 15 percent of Australia's total trade and surpassing trade figures with Japan or the United States.
The initiatives fulfill recommendations from Invested: Australia's Southeast Asia Economic Strategy to 2040, which was launched last year by Prime Minister Albanese to deepen Australia's economic engagement with the region and ensure our shared prosperity. Addressing 100 Australian and Southeast Asian CEOs at the Special Summit, Prime Minister Anthony Albanese unveiled a package of focused initiatives that represent the next phase of the Government's response to recommendations in the Southeast Asia economic strategy.
Export Finance Australia will oversee a $2 billion Southeast Asia Investment Financing Facility (SEAIFF), offering loans, guarantees, equity, and insurance to projects aimed at enhancing Australian trade and investment in Southeast Asia. The facility is particularly focused on supporting the region's clean energy transition and infrastructure development efforts.
An allocation of $140 million over a span of four years is designated to extend the Partnerships for Infrastructure Program. This initiative aims to bolster regional infrastructure development endeavors and encourage a broader spectrum of high-quality infrastructure financing, including contributions from the Facility. Launched in 2021, the program has played a pivotal role in facilitating partners' progress in enhancing transport connectivity, transitioning to clean energy, and implementing reforms in the telecommunications sector.
The appointment of 10 Business Champions is aimed at fostering stronger commercial ties between Australia and ASEAN economies. These Champions, distinguished senior Australian business figures, will facilitate collaborative efforts between the government and the private sector to enhance bilateral trade and investment interactions.
The introduction of regional technology, 'Landing Pads' in Jakarta and Ho Chi Minh City marks a significant development. These new Landing Pads will offer direct support for Australian businesses seeking to enhance technology services exports to Southeast Asian markets, building upon the establishment of the inaugural 'Landing Pad' in Singapore in 2017. Additionally, visa accessibility for Southeast Asia will be enhanced. Business Visitor visas will be prolonged from three to five years, while the ten-year Frequent Traveler stream will be expanded to include eligible ASEAN Member States and Timor-Leste.