Australian state to boost trade, investment with Southeast Asia
The government of Victoria, Australia has released a strategy called “Globally Connected” to help local companies access Southeast Asian markets and boost trade and investment in the region.
Sydney (VNA) – The government of Victoria, Australia hasreleased a strategy called “Globally Connected” to help local companies accessSoutheast Asian markets and boost trade and investment in the region.
“Globally Connected: Victoria’sSoutheast Asia Trade and Investment Strategy” outlines plans to expand thestate’s two-way economic relations with the region, identify key trends andhighlight opportunities in education, tourism, agriculture, infrastructure andprofessional services, ICT and health and medical technology.
These sectors offer the most opportunities in the region and arewell-aligned with Victoria’s strengths and capabilities.
“By focusing our sights on the hugeuntapped potential of Southeast Asia, we’re helping local businesses expandinto new markets and create more jobs for Victorians,” said the state’sMinister for Trade and Investment Philip Dalidakis.
“Victoria’s companies are some of themost diverse and innovative in the world, and this strategy will help themoffer their products, services and expertise to a new region and newcustomers.”
The strategy covers existingrelationships in key markets like Indonesia, Singapore, Malaysia, Thailand andVietnam, and explores emerging opportunities in the Philippines and Myanmar.
Among its goals are growing the valueof service exports from Victoria to Southeast Asia by 50 percent and doublingthe value of inbound investment over the next 10 years.
Another focus is plans for furtherinvestment and collaboration between Victoria’s technology sector and thesector in Singapore, Malaysia, Indonesia, Thailand and the Philippines.
Southeast Asia has a population of more than 630 million people. If theregion was a single country, it would be the fifth largest economy in theworld, with a combined GDP of 2.5 trillion USD in 2017. The region continues tooutpace global economic growth rates. By 2030, the Southeast Asia’s middleclass is expected to reach 161 million, with its economy the world’s fourthlargest.
Southeast Asia is Victoria’s second largest trading partner, with two-waymerchandise trade valued at 15.3 billion USD in 2016 – 2017, an increase of morethan 30 percent in the last decade. –VNA
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Illustrative image. (Source: Internet)
