Prime Minister Anthony Albanese will launch Australia's Southeast Asia Economic Strategy to 2040 while in Jakarta to meet with world leaders at the ASEAN summit.
The strategy will look to take advantage of fast-growing economies across the region.
It outlines 75 recommendations for the government to consider to grow partnerships with Southeast Asian nations.
They include raising awareness of business and investment prospects in the region for Australian entities, as well as working with states, territories and businesses to promote Australia.
The strategy also calls for further efforts to remove trade blockages, including establishing an all-in-one service for further foreign investment.
Extending partnerships for infrastructure with the region, with a mix of public and private-sector funds, is part of the plan.
The strategy also recommends increasing the capability in skills across Southeast Asia, and establishing partnerships with universities.
Southeast Asia special envoy Nicholas Moore, who developed the strategy, has identified 10 priority sectors for Australia to work with, including agriculture and food, resources, infrastructure, energy and education.
Mr Albanese said the strategy would aim to take advantage of the expanding economies in the region, after underinvestment in the area in previous years.
"Southeast Asia's fast-growing economies present a major opportunity for Australian business, but we haven't kept pace with their exponential growth," he said
"Our economic future lies with Southeast Asia. This strategy outlines how we can harness this growth, and seize the vast trade and investment opportunities our region presents."
Mr Moore said Southeast Asia represented a lot of opportunities for Australia.
"Australia's direct investment into Southeast Asia has stagnated in recent years, while overall direct investment into the region from other countries has increased materially," he said in the strategy.
"We have the potential to be a substantial investor due to our well-capitalised corporate sector, our deep and sophisticated capital markets, and our substantial national savings pool."
Foreign Minister Penny Wong said deeper engagement in the region would make Australia more influential in the global economy.
"Investing in priority sectors such as the green energy transition, infrastructure and food security is an investment in Australia's future and the future of the region," she said.
The prime minister landed in Jakarta on Tuesday night, ahead of a week-long trip.
He will hold talks with Indo-Pacific leaders in Jakarta over the next two days at the ASEAN summit, before heading to the Philippines and then India for the G20 summit.
Mr Albanese will hold bilateral talks with Canadian Prime Minister Justin Trudeau, along with Malaysian Prime Minister Anwar Ibrahim and East Timor Prime Minister Xanana Gusmão.
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