The Andrews Labor Government has set out its plan to help local companies access the massive opportunities on offer in Southeast Asia, increase trade and investment, and create jobs with its new strategy for the region.
Victoria’s Southeast Asia Trade and Investment Strategy, Globally Connected, aims to grow bilateral ties, promote Victoria and identify trade opportunities in education, tourism, agriculture and infrastructure in the region.
The strategy has set targets to grow professional services exports by 50 per cent, double Victoria’s Southeast Asian student enrolments, increase visitor spend by 50 per cent and double investment from the region.
By identifying pathways for trade and export into Southeast Asia’s fast-growing markets, the Labor Government is boosting Victoria’s economy, increasing the export capabilities of local businesses and attracting new investment.
The strategy covers existing relationships in key markets like Indonesia, Singapore, Malaysia, Thailand and Vietnam, and explores emerging opportunities in the Philippines and Myanmar.
Victoria already has a strong two-way trading relationship with Southeast Asia, worth $15.3 billion in 2016-17 – an increase of more than 30 per cent in the last decade.
The emerging opportunities in digital tech are another strategy focus, with plans for more investment and collaboration between Victoria’s tech sector and the sector in Singapore, Malaysia, Indonesia, Thailand and the Philippines.
With Southeast Asia’s middle class expected to reach 161 million and its economy forecast to be the world’s fourth largest by 2030, Victoria is well-placed to meet the region’s demand for high-quality goods, expertise and services.
Victoria also has an established network of Trade and Investment Offices in Jakarta, Kuala Lumpur and Singapore each helping connect Victorian businesses to the region and strengthening our trade relationships.
To ensure Victoria remains globally connected and competitive, the Labor Government has also released strategies for China, India, Latin America, and an overarching Trade Statement to map the future of trade in Victoria.
To access the full strategy visit trade.vic.gov.au/southeast-asia-strategy.
As stated by Minister for Trade and Investment Philip Dalidakis
“By focussing our sights on the huge untapped potential of Southeast Asia, we’re helping local businesses expand into new markets and create more jobs for Victorians.”
“Victoria’s companies are some of the most diverse and innovative in the world, and this strategy will help them offer their products, services and expertise to a new region and new customers.”