Victoria and Japan share a long and mutually beneficial economic partnership. This year, the Victorian Government is investing heavily in the relationship with Japan.

Australia Japan Business Cooperation Committee Conference

Melbourne was the host of the 60^th anniversary of the Australia Japan Business Cooperation Committee conference in October 2023, which saw approximately 800 delegates from Japan and Australia gather in Melbourne.

Victoria-Japan Women in Leadership Program

Global Victoria delivered the Victoria-Japan Women in Leadership program, a year-long series of events that aimed to build and upskill a community of women leaders looking to do business with the Japanese market.

The program consisted of seven events, including panel discussions, networking events, a session at the Australian Open and a capability building workshop.

Energy Cooperation

In March 2023, the Treasurer and Minister for Economic Growth, Tim Pallas visited Japan.

The trip included attending a ceremony for the announcement of Victoria being selected for the next stage of Japan's US$2 billion Green Innovation Fund Hydrogen Supply Chain project.

Market snapshot

The Victorian Government is committed to maintaining our strong relationship with Japan, with a presence through our Victorian Government Trade and Investment (VGTI) office in Tokyo. Our office has the dual aim of both facilitating exports into Japan, and developing and maintaining relationships with potential and current Japanese investors.

Since the Japan-Australia Economic Partnership Agreement (JAEPA) came into force in 2015, Victorian businesses have been given preferential access to export their premium goods and services to Japan.

Japan is Victoria's third largest trading partner and there are over 200 Japanese companies currently operating in Victoria.

There are significant opportunities to further grow the trade relationship, with synergies between Victoria and Japan including food and fibre, life sciences, digital technology and defence and advanced manufacturing.

Japan Insights Spring 2024

Victoria & Aichi Prefecture: A strong economic partnership

The Victoria-Aichi sister-state relationship plays a crucial role in promoting economic and trade exchanges between Victoria and Japan. Aichi Prefecture, of which Nagoya is the capital, is one of Japan's leading industrial hubs, home to major companies like Toyota and Mitsubishi.

This partnership facilitates direct business connections, trade delegations, and investment opportunities, which benefit industries and international business. For Victorian businesses, it provides valuable opportunities in areas such as advanced manufacturing, automotive industries, technology, renewable energy, sustainability and innovation.

The relationship also supports the sharing of knowledge, best practices, and joint research initiatives that contribute to sustainable development and technological advancement. A successful example is the Melbourne Joint Research Workshops Fund established by the University of Melbourne and Nagoya University to support the development of new collaborations through joint research workshops.

Additionally, over the years, targeted senior officials’ visits and trade missions have strengthened ties between Victoria and Aichi prefecture. The most recent visit was made by the Governor of Victoria, Professor the Honourable Margaret Gardner AC as part of her official visit to Japan, which included meetings with the Governor of Aichi and the Aichi Prefectural Assembly.

Next year marks the 45^th anniversary of the Victoria-Aichi sister-state relationship. The Victorian Government, including Global Victoria and the Victorian Government Trade and Investment office in Tokyo look forward to continuing to deepen the economic relationship with Aichi Prefecture and celebrating this milestone together.

Enhancing global connections and promoting Victoria on the global stage

Victoria shares a long-standing and important relationship with Japan underpinned by strong trade, investment and international education ties. As the state’s 3^rd largest two-way merchandise trading partner and 4^th largest export market, the Governor of Victoria’s visit to Japan demonstrates the value and importance of the Victoria-Japan bilateral relationship.

The program included attendance at the 61^st annual Australia-Japan Annual Joint Business Conference, meetings with senior government and corporate representatives across the Australia-Japan ecosystem, and site visits including the Toyota Technological Institute.

This strategic visit contributed to further expand trade and investment relationships between Victoria and Japan, as well as explore new avenues for international business collaboration, particularly in sectors such as innovation, clean energy, and advanced manufacturing, which are areas of shared interest and growth for both Victoria and Japan.

Strengthening bilateral ties at the 61st Australia-Japan Annual Joint Business Conference 2024

This year, the 61st Australia-Japan Annual Joint Business Conference 2024 was held in Nagoya, Japan. The 2024 conference theme, New Beginnings – The Australia-Japan Business Partnership on the Global Stage, built on the success of the landmark 60^th AJJBC conference in Melbourne last year.

The conference provided a unique platform for governments and business leaders to connect, strengthen bilateral relations and drive economic growth. It brought together over 500 leaders from Japan and Australia from a range of industries, including government, infrastructure, innovation and technology, clean energy, food and beverage, real instate and diversity and inclusion.

With Japan being one of the largest consumer markets globally, Victorian businesses - known for their innovative and high-quality products and services - are well-positioned to consolidate existing ties and explore new export opportunities to expand their presence in Japan.

2024 AusBiotech and AusBioInvest Conferences in Melbourne

Victoria is recognised as a global leader in the health and life sciences sector, driven by factors such as strong government support, cutting-edge research institutions, talented workforce, and a dynamic industry ecosystem.

To further strengthen this ecosystem, in October 2024, the Victorian Government sponsored two major biotechnology conferences in Melbourne AusBioInvest and AusBiotech, attracting more than 1,900 delegates from over 20 countries, including a delegation of 15 organisations from Japan.

The Japanese delegation included globally known pharmaceutical companies, universities, industry associations, medical product manufacturers, and startups.

The program, which also included site visits and strategic meetings, facilitated a unique platform for engagement between Japanese and Victorian companies.

Forward Look

• FOODEX Japan 2025
  • Global Victoria will be leading a trade mission to FOODEX Japan 2025 in Tokyo, Japan from 11 to 14 March 2025, and the Seoul Trade Mission from 6 to 7 March 2025. Applications have now closed.

• Osaka Expo (April to October 2025, Osaka, Japan)
  • Japan will be organising the next World Expo in Osaka, Kansai, from 13 April to 13 October 2025. Under the theme Designing Future Society for Our Lives, the Expo is expected to host 28 million visitors.

Previous regional insights

• Winter 2024
• Autumn 2024
• Spring 2022

Key industries of opportunity for Victorian exporters

The Victorian food and fibre sector is globally recognised as one of the world's leading suppliers of premium food and agri products.

As Japan's interest and demand for high quality, clean food products continues to increase, Victorian exporters are well-placed to supply Japan with premium meat and dairy products, citrus, table grapes,nuts, food ingredients, unique premium food, as well as alcoholic beverages.

Victoria's leading medtech and pharma businesses have expert skills and capabilities in the health and aged care sectors and are strongly placed to address the needs of Japan's rapidly ageing population.

Opportunities have emerged to supply innovative products and services and collaborate in the areas of medical research and development, education, medical devices and healthcare management.

Victoria’s Digital Technology industry is internationally competitive, generating more than $34 billion in revenue, and $3 billion in exports annually. Victoria has a diversified economy with a strong base of companies across key sectors that are increasingly adopting these digital technologies.

There are collaboration and partnership opportunities for businesses in digital technologies, including but not limited to sports technology, information and communications technology, fintech and regtech.

Victoria’s defence industry is renowned for its unparalleled capabilities in advanced manufacturing, research and development, and delivering complex defence projects.

Growing interest from the Victorian defence industry in exporting to Japan is timely. In December 2022, Japan announced a plan to double its defence spending to US$320 billion. Increasing defence collaboration between Australia and Japan also creates new opportunities for Victorian businesses.

Japan is internationalising its higher education sector to deliver a globally competitive workforce. There are opportunities for Victoria's leading education institutions seeking trade partnerships, research and development collaboration, and international student placements.

English Language Intensive Courses for Overseas Students (ELICOS) attract large numbers of students from Asia, and the demand from Japanese students continues to be high thanks to the state’s safety and high quality education offerings.

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