APEC summit: Anthony Albanese to make trade play to South American companies to invest in Australian resources

Anthony Albanese will make the case to major South American mining companies and business leaders they should be investing in Australia and its natural resources, in a speech on the sidelines of a trade-focused global summit.

At an Australian-hosted APEC business reception in Lima on Thursday, the Prime Minister will tell senior representatives from BHP Americas, Ausenco, Fortescue Peru, Glencore Peru and other major companies that Australia is an “enormously attractive investment destination”, and a “secure and trusted trading partner”.

In acknowledging global headwinds, he will spruik Australia’s economic conditions and his Government’s Future Made in Australia agenda as he pitches for greater Peruvian and Latin American investment in Australian mining, agriculture, renewable energy and green industries at a time where the global energy transition is in doubt.

His speech comes as the 21 APEC leaders gather in Peru, where a unanimous statement on the importance of free and fair trade is likely to be sought — given US president-elect Donald Trump’s intention to impose import taxes on foreign goods, with tariffs of up to 60 per cent set to be slapped on Chinese goods.

The clean energy transition to achieve net zero will also be discussed among leaders, given Mr Trump has also indicated he will withdraw the US from the Paris Agreement and undo the country’s climate progress.

Mr Albanese will tell business leaders that Australia is not backpedalling, and that now is the time for investment in Australia’s renewable energy and green industries to power “a new generation of prosperity”.

“Manufacturing in Australia is on the rise and we have reached a record number of small businesses in our economy,” he will say.

“Australian workers are second to none, and workforce participation is at a record high.

“All this makes Australia an enormously attractive investment destination, and it makes us a secure and trusted trading partner.

“Australia is taking advantage of our natural resources and our position in the fastest growing region of the world to power a new generation of prosperity.”

His speech comes as new Treasury analysis shows that employment growth in Australia since the 2022 election has outstripped each of the G7 economies. Australia’s growth rate has been 7.7 per cent, compared to 4.7 per cent in the US, and 1.1 per cent in the United Kingdom in the same period.

Mr Albanese will tell business leaders his Government is committed to sustainable growth while also helping lower inflation.

Two-way trade between Australia and Latin America hit AUD $17 billion in 2023, with the biggest exports including education (AUD $3.4bn), coal ($2.3bn), and agriculture (AUD $800m).

Around 350 Australian companies are involved in mining across the region, which also presents opportunities for agriculture.

Agriculture Minister Julie Collins has accompanied Mr Albanese to Peru.

Australian investment in Peru is particularly substantial, with over 100 Australian companies active especially in the mining and mining equipment, technology and services sector.

In an attempt to bolster Latin American presence in Australia, Mr Albanese will use his speech to outline Government plans to streamline interactions with investors and businesses, and the establishment of a new “front door” for investors to make investing in Australia easier – including by fast-tracking major projects.

He’s expected to make the speech after meetings with Peruvian president Dina Ercilia Boluarte Zegarra, and Indonesian president Prabowo Subianto ahead of the official APEC program on Friday local time.