On 11 September 2018, the Minister for Trade and Investment launched Globally Connected: Victoria’s Southeast Asia Trade and Investment Strategy. By identifying pathways for trade and export into Southeast Asia’s fast-growing markets, the Strategy will help boost the state’s economy, increase the Asia capability of local businesses and attract new investment.
The Southeast Asia Trade and Investment Strategy aims to grow bilateral ties, promote Victoria and identify opportunities in the region in education, tourism, agriculture, infrastructure and professional services, ICT and technology, and the health and medical technology sectors. These sectors offer the most prospective opportunities in the region and are well-aligned with Victoria’s industry strengths and capabilities.
Four key pillars
Direction one: Facilitate Market Entry recognises the importance of supporting trade liberalisation and developing an Asia-capable state to enhance our engagement across the region.
Direction Two: Promote Victorian Capabilities demonstrates how we are helping Victorianbusinesses make the most of in-marketopportunities in countries acrossSoutheast Asia.
Direction Three: Identify Emerging Opportunities provides insights into complementarities between Southeast Asia’s emerging trends and the goods and services Victorian businesses have to offer.
Direction Four: Strengthen Ties recognises the importance of connections at the cultural, government, business and institutional levels to facilitate economic relations across the region.
These directions set out to achieve four key outcomes for Victoria’s economic ties with Southeast Asia over the next ten years:
- Grow the value of Victoria’s professional services exports to Southeast Asia by 50 per cent
- Double the number of Southeast Asian student enrolments to Victoria
- Increase visitor expenditure from Malaysia, Singapore, Indonesia and Thailand to Victoria by 50 per cent
- Double the value of inbound investment from Southeast Asia to Victoria
The Victorian Government is focused on deepening and strengthening engagement with Trade Victoria's priority markets of Indonesia, Singapore, Malaysia, Vietnam and Thailand. We are taking exploratory steps to deepen our engagement with the Philippines and Myanmar. The Strategy highlights the pivotal role the network of Victorian Government Trade and Investment (VGTI) offices (based in Jakarta, Kuala Lumpur and Singapore) play in helping connect Victorian businesses to the region and strengthening our trade relationships.
Why Southeast Asia?
Southeast Asia’s economic growth trajectory is compelling – individual countries have experienced significant economic growth over the last several decades. Home to powerhouses and emerging economies of the 21st century such as Indonesia, Singapore and Vietnam, the region’s growth path is set to become stronger and more dynamic.
Victoria’s economic relationship with Southeast Asia is well-established. The region is our second largest trading partner, with two-way merchandise trade valued at $15.3 billion in 2016-17, an increase of over 30 per cent in the last decade. But there are more opportunities to deepen our relationships and capitalise on the dynamic markets on our doorstep.
Southeast Asia has a population of more than 630 million people. If the region was a single country, it would already be the fifth-largest economy in the world, with a combined Gross Domestic Product (GDP) of $US2.5 trillion in 2017. The region continues to outpace global economic growth rates. By 2030, the region is forecast to be the world’s fourth largest economy.
The emerging opportunities in digital technology are a particular focus for the Strategy and Trade Victoria. The Strategy envisions more investment and collaboration between Victoria’s tech sector and the ecosystems in Singapore, Malaysia, Indonesia, Thailand and the Philippines.
To expand Victorian businesses’ access to opportunities in the region’s tech sector, Trade Victoria will continue to lead tech and ICT focused trade missions, such as CommunicAsia, Money2020 the Singapore International Cyber Week Conference and the World Cities Summit.
Read the full Strategy
Find out how Victoria's partnership with the region will create jobs and economic development for both Victoria and Southeast Asia by downloading and reading the full Strategy PDF, 3.0 MB.