Regional Insights Winter 2023
B20 Summit India highlights India’s role in the global economy
The B20 Summit in Delhi held in August 2023 shone a spotlight on India’s role in the global economy. The Victorian Government Trade and Investment (VGTI) South Asia office attended the summit to support Victorian businesses joining delegations coordinated by the BCA, AICC and AIBC.
Speaking on the final day of the summit, Prime Minister Modi’s address focused on his vision for international businesses to see India as a partner, rather than just a market to transact in. He highlighted India’s role as a trusted partner in providing solutions to challenges with the current global trading environment.
Positive outlook for Sri Lanka’s economy
The VGTI South Asia continues to build close connections with stakeholders in Sri Lanka to support Victorian businesses in the market.
While it will still take time to fully recover from the economic crisis of 2021 and 2022, business activity in Sri Lanka is returning to normal and the IMF, following its finance package in March 2023, has a positive outlook for the economy to return to positive growth in the financial year 2024.
Inaugural Indigenous trade mission to Sri Lanka
Global Victoria and the VGTI South Asia supported the first Victoria Aboriginal Economic Development mission to Sri Lanka in August delivered in partnership with the Sri Lanka Australia Chamber of Commerce.
The mission drew on the strong people-to-people connections Victoria and Sri Lanka share to grow relationships for First Nations businesses and explore opportunities in food and beverage and textiles.
New areas of opportunity are emerging via AI-ECTA
Following the implementation of AI-ECTA tariff reductions, Global Victoria and the VGTI South Asia, together with Austrade, Citrus Australia, Infant Nutrition Council and Wine Australia respectively, are supporting companies to explore new opportunities in citrus, infant formula and wine.
In August, Global Victoria and the South Asia VGTI supported market visits from Citrus Australia and Austrade’s Infant Nutrition mission. The visits helped understand potential distribution models, market entry requirements and potential partners in-market.
In November 2023, Global Victoria and the South Asia VGTI will support Victorian delegates on the Austrade and Wine Australia trade mission to ProWine Mumbai. This will be the third edition of ProWine India, which is run by Messe Düsseldorf, the organisers of ProWein Germany.
If you're a Victorian food or beverage business interested in exploring opportunities in South Asia, connect with our South Asia trade team to explore how we can help you.
CII Roads and Highways Conference India highlights Victoria’s capabilities in road safety
Global Victoria and the VGTI South Asia was a silver sponsor of the CII Roads and Highways Conference in India in August 2023 and promoted the work and capabilities of Victorian companies in the sector.
Victorian-based companies Acusensus and ARRB Systems spoke at the conference about their work and success in helping provide road safety solutions in India. Acusensus runs fixed-speed camera enforcement programs in India using Acusensus Harmony solutions. ARRB Systems has a long-standing presence in India through its office in Hyderabad offering road infrastructure management technology.
The VGTI South Asia has also helped regional Victorian company Australian Turntables entry into India which opened an office in Chennai in February 2022.
Greener Infrastructure Conference in Melbourne showcases innovation in waste management
Victoria’s world-leading waste management and circular economy sector has the potential to help India resolve environmental challenges. Global Victoria hosted a delegation of Indian companies in the construction and demolition waste management sector to attend the Greener Infrastructure Conference in Melbourne from 18-20 September. The three-day event was organised by EcologiQ, an initiative of Major Projects Victoria.
Upcoming engagements
Building on the success of previous years, Global Victoria will again take an EdTech trade mission to DIDAC India from 17-19 October 2023. This will be a record delegation with over 60 people on the mission, representing EdTech leaders, institutions and women school leaders as part of the Women in School Leadership program. Although applications for the 2023 mission have now closed, if you're interested in EdTech opportunities in India and being involved in future initiatives, please contact our international education team in the South Asia VGTI.
Trade mission to Cosmoprof India Mumbai 2023
Applications are currently open to join Global Victoria's first official delegation to the world’s largest and most important beauty trade show in South Asia, Cosmoprof India from 7-9 December.
This is a rapidly growing event in the international cosmetics calendar, and we will be supporting Victorian companies who have entered India in recent years.