“Australia and South-East Asia must together face this moment with a sense of optimism and urgency,” Albanese will tell a chief executives’ forum on Tuesday.

“Because while there is so much untapped potential – there is not unlimited time.

“We must act together and we must act now.”

Former Macquarie Group chief executive Nicholas Moore wrote in a major government report last year that “Australian investment in the region is underweight and growth in foreign direct investment has stagnated in the past decade”.

Speaking at a joint press conference with Albanese, Anwar said the disappearance of flight MH370 10 years ago this week with 239 people on board, including six Australians, had affected so many lives that anything that “could be done must be done”.

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“If there is compelling evidence that it needs to be reopened, we will certainly be happy to reopen it,” he told reporters.

His comments did not appear to go as far as Malaysian Transport Minister Anthony Loke, who said at a remembrance service over the weekend: “As far as the Malaysian government is concerned, we are committed to justice and the search must go on.”

This would be the first major search for MH370 since American company Ocean Infinity tried – and failed – to find the Malaysia Airlines plane in 2018.

Albanese said world leaders “deeply regret the aircraft has been unable to be located” despite past searches.

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“It will be a very difficult time for people because they are not given the certainty that would come with a successful search mission,” he said.

“It is a difficult time for our friends in Malaysia. We certainly acknowledge that.”

Asked about recent comments in which he decried what he called the rise of “China-phobia” in Western nations, Anwar said Malaysia was fiercely independent and did not want to be dictated to by any other nation.

“If they have problems with China, they should not impose it upon us,” he said.

“We do not have a problem with China.”

Albanese and Anwar announced new deals to boost bilateral co-operation on issues including cybersecurity and nuclear non-proliferation.

“Malaysia is one of Australia’s oldest and most important friends in the region,” Albanese said.

“Australia stands ready to play a bigger role in Malaysia’s pursuit of economic opportunity, investment, development and growth.”

Cut through the noise of federal politics with news, views and expert analysis from Jacqueline Maley. Subscribers can sign up to our weekly Inside Politics newsletter here.