The Middle East, Türkiye and Africa (META) region is one of Victoria’s major trading partners, with total two-way merchandise trade valued at $4.7 billion in 2021/22. The World Bank estimated that the META economies will grow by 5.2% in 2022, the fastest since 2016. The region’s fast-growing economy and young population are driving the demand for premium Victorian food products, agricultural commodities, and services such as mining equipment and technology (METS). There are also opportunities emerging in sectors such as sports management and sports tech, beauty, cosmetics and wellness products, driven by the boost in the ecommerce sector, healthcare research and innovation.

Despite a better-than-expected economic environment in 2022, the region is facing uncertainty with the unpredictable course of the war in Ukraine and the ongoing ambiguity of COVID-19. Port closures and embargoes on exports from Ukraine has led to the highest level of food insecurity experienced within distribution chains to date. META countries, particularly Gulf Council of Cooperation (GCC) intend to increase their investment in the agriculture sector to ensure a long-term food security strategy for their respective countries. Opportunities are available for Victorian farmers, including grains and animal feed, dairy manufacturing, and meat processing facilities.

Similarly, the pandemic has also accelerated the positive outlook for the healthcare sector in META, which is a promising export industry for Victoria. The countries in the region have been investing heavily in improving health access and high-quality basic care for a large portion of the population. Over the next 10 years, the digitalisation of healthcare will accelerate growth in health infrastructure, virtual care and remote patient monitoring in the UAE and Saudi Arabia. Digital health will account for 30 per cent of hospital investments in GCC. The recent MoU (Memorandum of Understanding) signed between mRNA Victoria, and Department of Health -Abu Dhabi in March 2022 is a great example of collaboration between the two states in clinical research, knowledge exchange, and manufacturing.

With META, particularly the GCC, quickly becoming a go-to destination for major international sporting events, the GCC countries are also pursuing a strategy of sports as a soft power tool to boost their national brands while diversifying their economies. Some of these major events include F1 Grand Prix race fixtures in the UAE, Bahrain and Saudi Arabia and the upcoming 2022 FIFA World Cup in Qatar.

In September 2022, Saudi Arabia has officially submitted a bid to host the World Expo 2030 in Riyadh as well as a bid to host World Cup 2030. Victoria’s sports capability can play a significant role to help those countries to advance their sports economies especially in areas such as sports management, advertisement, sports tech, entertainment, sports infrastructure, and sports science.

Upcoming Events

International Mining and Resources Conference (IMARC), 2-4 November 2022:

To support the Victorian Mining and METS companies, Global Victoria will facilitate business matching and networking opportunities at the Victorian Government stand at the conference. This year, IMARC will be held in Sydney.

Mining Indaba, 6-9 February 2023

Global Victoria is delivering a trade mission to Mining Indaba - the Africa’s largest mining exhibition and conference.

Gulfood Dubai 20-24 February 2023

To support the Victorian food and fibre industry, Global Victoria will conduct a trade mission to Gulfood, the world's largest annual food and beverage trade exhibition, in February 2023. As part of the mission, export ready Victorian companies will be provided exhibition space, opportunities for business matching and networking.