Victoria releases Southeast Asia trade and investment strategy

The Victorian government has released its strategy to help local companies access Southeast Asian markets and increase trade and investment in the growing region.

Called Globally Connected, the government’s Southeast Asia trade and investment strategy outlines plans to strengthen and expand the state’s two-way economic relationship with the region, identifying key trends and highlighting emerging and future opportunities.

Southeast Asia’s middle class is expected to reach 161 million by 2030, with its economy to become the world’s fourth largest. In identifying pathways for trade and export into Southeast Asia’s fast-growing markets, the aim of the strategy is to increase the export capabilities of local businesses and attract new investment.

“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,” state trade and investment minister Philip Dalidakis said.

“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.”

The strategy covers existing relationships in key markets like Indonesia, Singapore, Malaysia, Thailand and Vietnam, and explores emerging opportunities in the Philippines and Myanmar.

Among its aims is growing the value of professional service exports from Victoria to Southeast Asia by 50 per cent and doubling the value of inbound investment over the next 10 years.

Another strategy focus are plans for further investment and collaboration between Victoria’s tech sector and the sector in Singapore, Malaysia, Indonesia, Thailand and the Philippines.