Victoria enjoys close relationships and growing trade ties with India and across the South Asia region in international education, food and fibre, sport, technology, and other services including tourism, supported by strong people-to-people connections.

Market update

Spotlight on Sri Lanka and opportunities in sports, food and fibre export growth and women’s leadership with South Asia

Sri Lanka and Victoria’s economic relationship continues to grow with expanding alumni connections, deepening education partnerships, growing food and fibre exports and emerging opportunities in sport. In June, Victoria’s Commissioner to South Asia, Michelle Wade, and Regional Director of Education, Annie Santhana, visited Colombo, Sri Lanka to support and celebrate these growing connections.

Sri Lanka’s economy is continuing a strong recovery trajectory supported by the IMF’s Extended Fund Facilitation (EFF) agreement that has been in place since March 2023 and the new government, elected in September 2024. Sri Lanka’s economy recorded 5% growth in 2024, above the IMF’s projected growth rate of 4.5%. This was led by strong growth in Sri Lanka’s services, industrial and agricultural sectors. The IMF commented on the strength of Sri Lanka’s recovery while approving the fourth round of EFF funding and noted the steps it expects Sri Lanka to continue taking to support its recovery.

Sri Lanka was Victoria’s 5^th largest source of international student enrolments in 2024, and two-way merchandise trade reached $302 million in 2023/24, with Victoria’s exports growing to $158 million in 2023/24, up by over 50% from 2022/23.

Alumni and personal connections are strengthening Victoria’s relationship with Sri Lanka

Our close education connections have built an impressive list of alumni and personal connections, which is an incredible asset for our relationship. Some of our notable alumni include:

• K P G Srikumar, Assistant Governor of the Central Bank - Master of Laws, Monash University
• Anuruddha (Anu) Karunatilaka, Global CTO, Intrepid Travel – B. Computer Sciences Engineering, Monash University
• Anushka Weeraratne, CEO of Lanka Marine Services - MBA, Monash Uni
• Haridhu Abeygoonaratne, COO of Simcentric Technologies - B. Computer Sciences, Deakin Uni
• Anika Fernando, Managing Director, Anika Fernando Design – RMIT Interior Decoration and Design
• Visal Perera, Head of Fresh Produce at Jaykay Marketing Services - Bachelor of Commerce Degree in Accounting and Finance, University of Melbourne

Education partnerships continue to grow between Victoria and Sri Lanka

Sri Lanka stands out as one of Victoria’s most significant education markets, with strong enrolments in Victoria and partnerships with Sri Lankan providers to deliver courses in market for both universities and TAFE providers.

With a population of just 22 million people, including 5.3 million youths, Sri Lanka exceeds expectations in terms of students in Victoria, students educated in Victorian programs in Sri Lanka and its role as a regional education provider to students from the Maldives, Bangladesh and West Africa. Sri Lanka was Victoria’s 5th largest source of international student enrolments in 2024 and two-thirds of Sri Lankan students to Australia choose Victoria.

In June 2025, Victoria’s Holmesglen Institute and Sri Lanka’s Australasian Academy launched a new partnership for ICT skills training. Global Victoria and the South Asia VGTI played a key role in introducing the organisations. Along with our Commissioner and Regional Director of Education, the event was attended by Homesglen Institute’s CEO, Mary Faraone, Australasian Academy’s Managing Director, Kalum De Silva, Sri Lanka’s Deputy Minister of Tourism, the Hon Prof. Ruwan Ranasinghe, and Australia’s High Commissioner to Sri Lanka, H.E. Paul Stephens.

Meetings with universities and their corporate partners also highlighted opportunities to meet Sri Lanka’s future training needs in industries such as healthcare (major remittance income) and textile manufacturing (>50% of Sri Lanka’s exports).

If you have questions or want to explore these opportunities further, our South Asia education team is here to help.

Sports collaborations are emerging as an exciting opportunity for Victoria in South Asia

Sri Lanka sports opportunities

Victoria’s Commissioner to South Asia met with Sri Lanka’s Minister for Youth Affairs and Sports, the new National Sports Council and athletes who are supporting the government’s ambition to improve services and support for high performance athletes.

Areas of focus for Sri Lanka, which align well with Victoria’s strengths include sports medicine, high performance facilities and plans for a sports university.

Interested in exploring these ideas further? Our South Asia VGTI  team are  available to chat.

India sports opportunities

The Australia India Institute, with support from the Victorian Government, is preparing a report outlining opportunities for Victoria and India to work together to strengthen our high-performance sport ecosystems. It examines the approach to government policy, private investment, infrastructure, and sports science and technology across relevant Indian states.

A snapshot of the report Advancing High-Performance Sport: Victoria-India Opportunities is now available to view, with the full report to be released later this year.

The report draws on insights shared by leading Indian and Victorian sports organisations and businesses that Global Victoria has helped bring together, including through a Global Victoria led delegation at SportNXT 2025 in Melbourne in March 2025. Alongside the conference, Global Victoria hosted a dedicated Victoria India sports roundtable where Victorian based peak sport bodies and visiting Indian sports businesses and institutions shared insights captured in the report.

Victoria’s food and fibre exports to South Asia are performing well with new areas of growth opening up

Victoria’s Food and Fibre Export Performance Summary 2023-2024 was released in June 2025 showing Victoria’s food and fibre exports to South Asia have grown every year since 2020.

Exports to South Asia rose by 33% from 2022-23 to 2023-24, driven by strong growth in the three key markets of India ($604 million), Bangladesh ($258 million) and Pakistan ($200 million). Food and fibre exports to Sri Lanka also increased by 50% to $153 million.  Grains ($942 million), horticulture ($124 million), animal fibre ($69 million) and forest products ($46 million) were the top export products by value.

Dairy, horticulture, grains (include nuts, pulses and feeds), wool, packaged foods and wine in particular are areas where Global Victoria sees opportunities to continue to establish or grow our market presence in South Asian markets.

Global Victoria Infant Nutrition Trade Mission to India helps exporters seize opportunities under the free trade agreement

Global Victoria in partnership with Austrade supported the Infant Nutrition Council’s (INC) Infant Nutrition Trade Mission to India from 4 – 9 May 2025. The mission supported four leading Victorian infant nutrition companies – Nature One Dairy, Burra Foods, Nuchev, and Nu-Mega Ingredients. They visited Mumbai and Hyderabad and met with nutrition, pharma, dairy and FMCG companies to explore collaborative ventures to supply high quality, premium infant nutrition products and ingredients on the back of customs duty concessions under the Australia – India Economic Cooperation and Trade Agreement.

Import duties on infant nutrition products from Australia to India are scheduled to drop to zero in a phased manner by 2028. This is the second INC mission Global Victoria has supported, giving the companies the chance to deepen and expand their connections in India and be ready to access opportunities as tariffs phase out.

Global Victoria Women and Australia India Business Council: Women in Leadership Roundtable highlighted the ways women are helping to redefine the bilateral relationship

Global Victoria Women (GVw) was pleased to partner with the Australia India Business Council (AIBC) to co-host a Victoria India Women in Leadership Roundtable in May 2025. Convened in the context of Victoria’s commitment to gender equality in Victoria’s India Strategy, the roundtable brought together an inspiring group of women who shared invaluable experiences and advice.

The expert-led discussion, co-chaired by Fiona Letos, Executive Director, Trade, Global Engagement and International Education, DJSIR and AIBC’s Victorian President, Radhika Kanhai and moderated by AIBC Committee Member, Associate Professor Dhara Shah, included expert contributions from Dr Richa Vijayraj Director at Ramco, Aishwarya Kansakar, CEO of Syncrowin, and Colleen Dangerfield, Export Specialist at Soul Fields. The Consul General of India in Melbourne, Dr Sushil Kumar, also spoke and expressed his support for the leadership women in business are playing in the relationship.

Insights shared by the leaders emphasised the importance of:

• researching and thoroughly preparing to engage the respective markets
• taking time to understand the cultural differences and similarities
• building trusted relationships and collaborations
• taking a long-term view
• trying to understand what India and Australia can both gain from the relationship.

Upcoming opportunities

• Melbourne is hosting the International Chamber of Commerce’s 14^th World Chambers Congress from 2-4 September delivered by the Victorian Chamber of Commerce and Industry. Hear from our Commissioner on the value of attending the congress and register for the WCC here.

Previous Market updates

• Summer 2024/25
• Winter/Spring 2024
• Autumn 2024
• Spring/Summer 2023/24
• Winter 2023 Insights
• Autumn 2023 Insights
• Summer 2022/2023 Insights
• Spring 2022 Insights

Victoria's India Strategy

The relationship between Victoria and India has evolved and strengthened since the release of 𝘝𝘪𝘤𝘵𝘰𝘳𝘪𝘢’𝘴 𝘐𝘯𝘥𝘪𝘢 𝘚𝘵𝘳𝘢𝘵𝘦𝘨𝘺: 𝘖𝘶𝘳 𝘚𝘩𝘢𝘳𝘦𝘥 𝘍𝘶𝘵𝘶𝘳𝘦 in 2018.

In September 2024, 𝘝𝘪𝘤𝘵𝘰𝘳𝘪𝘢’𝘴 𝘐𝘯𝘥𝘪𝘢 𝘚𝘵𝘳𝘢𝘵𝘦𝘨𝘺: 𝘖𝘶𝘳 𝘚𝘩𝘢𝘳𝘦𝘥 𝘍𝘶𝘵𝘶𝘳𝘦 2025-30 was launched, aimed at further boosting cooperation with India across strategically important sectors and states. Our vision is to further advance the  Victoria - India relationship and to ensure we continue to share dynamic and deep connections across our economies and societies.

Learn more about Victoria's India Strategy: Our Shared Future 2025-30 and how we're strengthening our partnership with India.

Key industries of opportunity for Victorian exporters

Victoria remains an Australian destination of choice for South Asian students. India, Nepal, Pakistan and Sri Lanka are all in the top ten largest student markets for Victoria. India is one of the most significant student markets and Victoria welcomes the most Indian students of any Australian state.

India’s new National Education Policy is transforming the education system across all levels of education and includes a strong focus on enhancing international partnerships. Edtech is generating new opportunities to partner in innovation and provide new education solutions.

Download India's National Education Policy

India is increasingly looking for partners with expertise in water management, waste management, and technical services that support the growth of India’s economy and cities. Victorian companies are having success joining Indian partners to pursue these opportunities.

Read about the Victorian company, Rubicon and the irrigation project it's delivering in India

Victorian beauty, personal care and wellness products are well regarded in India and companies are having success through eCommerce and physical retail outlets.

In recent years, Global Victoria has supported Swisse entrance into India.

Digital games is an emerging sector for Victoria.

The digital gaming sector in India is growing at a rapid pace, with the number of people playing online games growing by 80 per cent from 360 million in 2020 to 390 million in 2021.

EY estimates that by 2023, there will be 450 million gamers in India. Global Victoria is focused on increasing the links between the Indian and Victorian gaming sectors, delivering two trade missions to gaming conferences in Melbourne and Hyderabad in 2022.

India represents a major market for Victorian wool, pulses, fruit and nuts and some packaged foods. The recently signed Australia India Economic Cooperation Agreement offers tariff reductions across a range of agricultural products which will benefit Victorian exporters.

The Indian craft beer market is the fastest-growing segment within the Indian AlcoBev market. Victoria has opportunity to position itself as a preferred supplier of ingredients, including hops and malt, and provide expertise to the rapidly growing craft brewing industry in India.

India has some of the biggest and fastest growing sports leagues in the world, including the Indian Premier League (IPL).

The success of the IPL has led to new Indian national competitions for sports such as hockey, kabaddi, soccer and tennis which attract large audiences. This increase in professional sporting leagues is driving investment in India’s sports economy and presents opportunities for all parts of the Victorian sports sector, from infrastructure and sports administration through to sports science and sports tech.

India was Victoria’s second largest tourism market by value in 2019 and is the fastest growing international visitor market to return to Victoria following the reopening of Australia’s international borders.

The return of tourists from India is mostly driven by visiting friends and relatives, education, business and sports and events travel and is supported by direct flights run by Qantas and Air India between Melbourne and New Delhi.

Contact us

Have a question?  Get in touch with us.