Three key pillars set to expand networks and drive trade outcomes with Latin America underpin an ambitious blueprint for the newly launched Globally Connected: Victoria's Latin America Trade and Investment Strategy.
"To ensure Victoria’s economic prosperity and high standard of living, it is vital to diversify trade and investment ties. This is a pivotal moment for Victoria; the region has a range of reform and priority agendas that present opportunities for collaboration and for Victorian expertise to be shared." Globally Connected: Victoria's Latin America Trade and Investment Strategy - May 2018
Launched on 29 May by Victoria's Minister for Trade and Investment Globally Connected: Victoria's Latin America Trade and Investment Strategy outlines the government's plan to deepen and expand the state's economic ties with the region, identifies key trends in Latin America and aligns Victoria's capabilities with in-market demands.
Three key pillars
Three key pillars are set out in the Strategy aiming to support knowledge building and expand networks to drive trade outcomes:
- Direction One: Facilitate Doing Business – focuses on advocating for the freer movement of people between our regions and supporting trade and investment activity
- Direction Two: Prioritise Key Opportunities – identifies where Victoria’s leading industries meet in-market demands and demonstrates our commitment to communicating these prospects to relevant stakeholders
- Direction Three: Foster Connections – recognises the importance of people-to-people links at the government, business and institutional levels in generating economic activity
These directions set out to achieve three primary outcomes over the next ten years to double:
- the value of goods exports to Latin America
- student numbers from Latin America
- visitor numbers from Latin America
Why Latin America?
Both Latin America and the Caribbean are dynamic and diverse with a total population of almost 638 million people. The region has achieved significant social and economic progress and is home to many new and emerging economic success stories.
With almost 100 Victorian companies and institutions doing business in Latin America, direct flights between Santiago and Melbourne, and a recently signed FTA with Peru and negotiations underway for an FTA with the Pacific Alliance countries, Senior Trade and Investment Director of Latin America, Natalia Gorroño believes "there's never been a better time to do business with Latin America."
Many Latin American countries have demonstrated a commitment to expanding their international links through FTAs. In looking to the region, Victorian Government will focus on growing its ties with Latin America while remaining open to trade and investment engagement with the Caribbean.
Find out how Victoria's partnership with the region will create jobs and economic development for both Victoria and Latin America by downloading and reading the full Strategy PDF, 10.6 MB
Latin America insights
Read the latest updates on Latin America by visiting our Regional Insights page