It also sets out to meet the ambition set out in Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report published by the Australian government in September 2023. Under the strategy, Australia stated its intention to deepen its trade and investment in Southeast Asia, which is tipped to become the world’s fourth largest economy by 2040.
Oversea-Chinese Banking Corporation (OCBC) has signed a five-year strategic framework with the Australian High Commission Singapore to grow trade and investment flows between Southeast Asia and Australia. The partnership, signed in April, will see collaboration between the bank and three agencies from the Australian government: the Department of Foreign Affairs and Trade, Export Finance Australia (EFA) and the Australian Trade and Investment Commission.
The partnership comes as the bank marks 40 years of operations in the country; OCBC was the first Singapore bank to establish a presence in Sydney in 1986 and currently operates one branch there.
