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.
Market snapshot
The UK and Europe region is in the midst of enormous change bringing with it exciting new investment, trade and partnering opportunities for Victorian goods and services across a range of industries. Sustainability and climate change have emerged as key drivers of consumer choice and business success in the region.
Victoria values its long-standing, multifaceted relationships with the UK, the EU and its 27 Member States covering trade and investment, research collaboration as well as strong people-to-people and cultural ties.
The UK and EU are major two-way trading partners for Victoria. Two-way trade in FY2023-24 totalled $2.8 billion with the UK and $19.8 billion with the 27 countries of the EU.
Australia-United Kingdom Free Trade Agreement
The Australia-United Kingdom Free Trade Agreement (A-UKFTA) entered into force on 31 May 2023. A-UKFTA is a comprehensive and modern FTA that facilitates increased trade in goods and services between Australia and the UK, as well as supports two-way investment and increased mobility between the two countries.
With over 99 per cent of Australian goods exported to the UK now entering tariff-free, the agreement opens up new export opportunities for Victorian businesses, including in the agriculture sector. Read about the potential benefits of A-UKFTA for your business by visiting the Department of Foreign Affairs and Trade (DFAT), and for specific information on tariffs, visit the DFAT tariff portal.
Australia and the UK have also signed agreements on fintech, space and cleantech in addition to entering into the AUKUS defence partnership with the United States.
Doing Business with the UK: A Guide for Victorian Companies
Developed in partnership with Global Victoria, The Australian British Chamber of Commerce and the UK’s Department for Business and Trade, Doing Business with the UK: A Guide for Victorian Companies was designed specifically to assist Victorian companies seeking to expand their horizons and explore new opportunities by exporting to or investing in the United Kingdom.
Explore more about what the Guide offers and download a free copy.
Doing Business with the Netherlands: A Guide for Victorian Companies
Developed in partnership with the Netherlands Chamber of Commerce Australia (NCCA), the Netherlands Foreign Investment Agency (NFIA) and KPMG, Doing Business with the Netherlands: A Guide for Victorian Companies provides Victorian companies with unique insights into the Netherlands and useful tips along their export journey.
Explore more about what the Guide offers and download a free copy.
Technology and Bio-Medical opportunities with Israel
With Victoria being home to the largest Israel-born community in Australia, the state shares deep economic links with Israel, especially within the technology and bio-medical sectors.
Israel’s technology ecosystem is highly regarded globally for its innovative spirit, strong entrepreneurship culture and deep talent pool. It is continuously ranked in the top 5 world-leading technology ecosystems (eg.4th on the Global Innovation Index and 5th on the Global Startup Ecosystem Report). Israel is a leader in the OECD for its GDP spend on R&D per capita, as well as several engineers and startups per capita.
United Kingdom and Europe Insights Spring 2024
Victoria-Norway – Market Snapshot
As a leader in renewable energy, Norway is a prosperous European market
With a GDP of US$504 billion in 2024, Norway’s economy is characterised as both robust and prosperous, underpinned by a mixed economic model combining a vibrant private sector with significant government involvement.
Norway’s wealth is principally derived from its abundant natural resources, particularly oil and gas, which accounts for a substantial share of its exports and government revenue. Norway is one of the world’s largest exporters of petroleum and natural gas, a status that has helped the nation establish a sovereign wealth fund – the Government Pension Fund Global. The fund, valued over US$1 trillion, is designed to manage the country’s oil wealth sustainability, ensuring financial stability for future generations.
Diversification beyond oil and gas, however, is a priority for Norway. The country has developed thriving sectors in maritime shipping, fisheries, aquaculture and renewable energy, particularly hydropower. Hydropower provides nearly all of Norway’s electricity, making it a global leader in green energy. Additionally, Norway is a hub for technology and innovation, particularly in areas such as carbon capture and storage, where it aims to maintain its reputation as a leader in environmental sustainability.
With a population of 5.52 million (2023), Norway enjoys one of the highest standards of living globally, supported by a comprehensive welfare state that provides citizens with universal healthcare, education, and social security. With typically low levels of unemployment and a stable currency (the Norwegian krone), the nation consistently ranks high on global indices measuring happiness, human development and quality of life.
Norway is a Scandinavian country with the population of the metropolitan area surrounding its capital city, Oslo, totalling approximately 1.5 million inhabitants. Other significant cities include Bergen on the North Sea coast and Trondheim, further to the north.
Norway is a parliamentary, representative democratic constitutional monarchy. Whilst deeply integrated into both the global and European economies, Norway is not a member of the European Union. As part of the European Economic Area (EEA), Norway participates in the EU’s single market, facilitating trade and economic collaboration. Australia and the Kingdom of Norway established diplomatic ties in 1947.
There is scope to grow Victoria’s economic relationship with Norway.
Victoria values its long standing, multifaceted relationship with Norway.
Victoria’s trade and investment relationship with Norway is growing and there are increasing opportunities to further grow our bilateral economic relationship in the future.
With two-way merchandise trade valued at A$129 million in FY2023-24, Victoria’s exports to Norway were worth A$29 million.
With Victoria’s diversified economy, strategic location and world-class universities and research institutions, the State is an attractive destination for Norwegian investment, particularly in renewable energy. As a global leader, Norway’s strengths in renewable energy align with Victoria’s clean energy transition goals and rapidly developing offshore wind sector.
Over the five-year period between FY2018 and 2023, inflow from Norway to Victoria was valued at A$26 million, creating approximately 100 jobs.
Major Norwegian businesses operating in Victoria and playing a key role to support Victoria to achieve its renewable energy targets and clean energy transition goals include:
- AKER Solutions, based in Fornebu, Norway, AKER Solutions is an engineering firm focused on energy infrastructure.
- Kongsberg Maritime, founded in 1814 and part of the Kongsberg Gruppen, Kongsberg Martime delivers systems for positioning, surveying, navigation and automation to merchant vessels and offshore installations.
- Det Norske Veritas (DNV), founded in 1864, DNV is an international accredited registrar and classification society providing services for several industries including maritime, oil and gas, renewable energy, electrification and healthcare.
- TOMRA, based in Asker, Norway, TOMRA is a Norwegian multinational corporation manufacturing collection and sorting products, such as reverse vending machines for the food, recycling and mining industries.
Victoria and Norway: A collaborative partnership
The Victorian Government maintains close working relationships with the Embassy of Norway in Canberra , the Honorary Consulate of Norway in Melbourne, the Norwegian Australian Chamber of Commerce (NACC) along with other Norwegian and Scandinavian associations and clubs.
Victoria’s engagement with Norway is supported in-market by the Victorian Government Trade and Investment office in London under the leadership of Mr. Tim Dillon, Agent General to the United Kingdom and Commissioner for Europe and Israel with responsibility for Ireland, the Nordics (including Norway) and Eastern Europe.
Recent activities
France opens Consulate-General in Melbourne
2024 marks 170 years since the establishment of the first French diplomatic representation in Melbourne. In a significant milestone for Victoria’s relationship with France, the new Consulate-General of France in Melbourne was officially opened on 22 October, attended by representatives of the Victorian Government, H.E. Pierre André Imbert, Ambassador of France to Australia, and Ms Paule Ignatio, the newly appointed Consul General of France in Melbourne.
The opening of the Consulate-General will foster even greater collaboration, maximise trade and investment opportunities and enhance bilateral ties between our two nations. The Victorian Government looks forward to working with Consul General Ignatio and her team to reach these objectives.
The establishment of a Consulate-General in Melbourne complements the recent opening of a Victorian Government Trade and Investment (VGTI) office in Paris, which focuses on fostering trade and investment opportunities in the French and European markets.
Victoria signs strategic partnership with the Paris Region
Victoria recently strengthened its trade and investment ties with Europe through a Cooperation Agreement signed with the Île-de-France Region. The agreement fosters collaboration between Victoria and the Paris Region in areas such as trade, investment, sport, creative industries and culture, universities and research, innovation, and diversity and inclusion.
Île-de-France is the most populous of the eighteen regions of France and contains Paris and its surrounding areas. The region’s sectoral strengths align well with those of Melbourne and Victoria, particularly in agritech & foodtech, circular economy, infrastructure and smart building, cosmetics, fashion, health, cybersecurity and technology (AI, Fintech, Edtech), amongst others.
Home to the most Fortune 500 company headquarters in Europe, the Paris region boasts a vibrant startup scene and thriving research community. Paris is home to some of Europe’s top business schools and scientific and engineering focussed universities. The region contains 1,200 research labs and champions innovation across the economy with strong R&D expenditure and government funding.
Furthermore, the region is committed to promoting sustainability and like Melbourne, offers a high quality of life underpinned by world class culture, creative industries, sport and gastronomy.
Paris is located at the heart of Europe with outstanding transportation links and offers access for Victorian companies to the wider EU market of 500 million consumers. The signing is the first and only agreement Île-de-France has entered with an Australian state.
Looking ahead
Cosmoprof Worldwide Bologna 2025
Building on the momentum of our previous successful trade mission programs to Cosmoprof Worldwide Bologna in 2023 and 2024, the Melbourne, Australia Pavilion is back at Cosmoprof Bologna in 2025 from 20 - 22 March.
Previous regional insights
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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