A region in the midst of enormous change, presenting new opportunities.
Victoria has long and rich relationships with the UK and Europe built on a history of migration and well-established cultural ties.
With this strong foundation, Victoria values its modern and multifaceted relationships with the region covering trade and investment, research collaboration and economic partnerships across a host of sectors. Victoria has been represented in the UK by an Agent-General since 1868 and maintains a Victorian Government Trade and Investment (VGTI) office in London.
Victoria has also maintained offices in Frankfurt since 1982 and Tel Aviv since 2017. In a demonstration of Victoria’s strengthening relationships with the member states of the European Union, in 2023, Victoria opened a VGTI office for Europe in Paris.
Key industries of opportunity for Victorian exporters
Technology
Western Europe accounts for approximately one in every five technology dollars spent worldwide.
The UK is a key priority market identified by Victorian tech companies, and Global Victoria’s annual trade mission to London Tech Week (LTW) has been highly successful helping many Victorian tech companies expand their exports to the region.
Victoria’s growing strengths in Fintech can be leveraged in the UK by the UK-Australia FinTech Bridge.
For Europe, especially Germany and France, Industry 4.0, the use of digital technologies in the manufacturing process, is creating many opportunities for Victorian businesses in technology to export their innovation to the region.
For Israel, its AgTech industry is vast with over 280 active Agtech companies and more than 200 exporters of agricultural goods.
Food and beverage
Opportunities exist for Victorian companies that produce red meat, processed food and counter-seasonal produce. The UK has grown to be the largest market by volume and value for Australian wine. Sales of Victorian wine continue to increase as part of this growth.
There is also strong consumer demand for plant-based proteins and sustainable sourced foods in the region.
Defence
The AUKUS agreement announced in 2021 will build on the long-standing trilateral ties between Australia, the U.S. and the UK, and presents exciting opportunities for Victorian defence businesses.
With many recent Australian Defence Force (ADF) capital acquisition projects awarded to UK or European companies, Victorian companies can leverage these major projects to partner with international primes and enter their global supply chains.
Life sciences and healthcare
Europe has the highest spend per capita on healthcare.
The NHS is the largest single publicly funded health provider in the world, constituting a significant marketplace for suppliers. Health systems in the UK and Europe are seeking innovation, efficiency and cost savings. The wellness and fitness industry is growing rapidly.
Major Victorian pharmaceutical companies have a significant presence in Europe. Opportunities for medicinal cannabis exports to the region are being explored as an emerging opportunity.
Israel’s public healthcare system is advanced by international standards. Israel spends 7.5 per cent of its Gross Domestic Product (GDP) on the public healthcare system, providing universal healthcare coverage to its entire population via four health management organisations and a network of hospitals, community clinics, and specialised doctors. Israeli healthcare facilities are modern and open to adopt new, cost-effective technologies and procedures.
Israel’s healthcare technology market is estimated at $6.2 billion, of which devices account for $2.4 billion and pharma $3.8 billion. Imports make up over 65 per cent of the device market and about 60 per cent of the pharma market.
Top medical device imports are surgical instruments and other medical electronics, lab reagents, diagnostic equipment, and catheters. Top pharma imports include medicaments in measured doses for retail sale, antisera and blood fractions and immunology products
Beauty, wellness and personal care products
This is a large and growing sector across the region. The environmental impact of products, including ingredients, packaging and transportation has become a significant focus for skincare products, especially in the UK.
Europe is the world’s largest cosmetics market, worth $130 billion in 2019. Opportunities for Victorian companies exist for niche, premium, or organic brands that have a focus on simple, clean and pure ingredients.
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