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.

Market update

Victoria-Spain – Market Snapshot

Spain: A Dynamic European Economy with Strong Trade and Investment Potential

With a GDP of approximately US$1.6 trillion in 2024, Spain is the fourth largest economy in the European Union and 14th largest globally by nominal GDP. Spain is characterised by a diverse industrial base, strong infrastructure and a competitive services sector. The country’s economy is underpinned by key industries including tourism, automotive manufacturing, renewable energy and agri-food production.

Spain is a global leader in renewable energy, ranking among the top countries for installed wind and solar capacity. The country has made significant strides in transitioning towards a sustainable energy future, with ambitious targets to achieve carbon neutrality by 2050. Spain’s expertise in offshore wind, hydrogen and grid infrastructure aligns well with Victoria’s clean energy transition goals, presenting valuable opportunities for collaboration.

Beyond energy, Spain has a thriving technology and innovation sector, with strengths in artificial intelligence, biotech and digitalisation. The country also boasts one of the world’s most advanced transport and logistics networks, supporting its role as a key European trade hub.

With a population of 48.35 million (2023), Spain is the fourth-largest country in the European Union. Its capital, Madrid, is a major financial and business centre, while Barcelona is renowned for its innovation ecosystem, strong startup culture, and global connectivity. Other significant economic hubs include Valencia, Seville and Bilbao.

Spain operates as a parliamentary constitutional monarchy within the European Union (EU) and the Eurozone. As an active member of the EU, Spain benefits from access to the single market, fostering strong trade and investment relationships across Europe and globally. Diplomatic relations between Australia and Spain date back to 1967, with growing cooperation in trade, education and renewable energy.

Spain’s dynamic economy offers opportunities for Victorian businesses

Victoria and Spain share a longstanding and evolving trade and investment relationship, with increasing opportunities to deepen economic ties.

Two-way merchandise trade between Victoria and Spain was valued at A$963 million in FY2023-24. Key Victorian exports to Spain include pharmaceuticals, automotive components and agricultural products such as wine and dairy.

Spain’s expertise in renewable energy, infrastructure and technology makes it a strong partner for the state with Victorian companies developing their exports and presence in the Spanish market, with support from the Victorian Government Trade & Investment Office for Europe in Paris. These include:

• Intrepid Travel – A Melbourne-based adventure travel company specializing in small group tours with a focus on sustainable and responsible tourism.
• Rubicon Water – A Victorian company providing advanced water management and irrigation technology solutions to improve agricultural water efficiency globally.
• Duratray – A Victorian manufacturer of lightweight, custom-designed mining truck trays and equipment for the global mining industry.
• Four Pillars Gin – A Healesville-based distillery known for producing award-winning craft gin and spirits with a focus on Australian botanicals.
• PMY Group – A Melbourne-headquartered technology solutions company delivering smart infrastructure, event technology, and data-driven services globally.

Higher education also links Victoria with Spain. ​RMIT Europe, established in 2013, serves as RMIT University's European hub, strategically located in Barcelona's innovation district. Operating from the architecturally renowned, low-carbon Media-TIC building—designed by Spanish architect and RMIT Adjunct Professor Enric Ruis Geli—RMIT Europe facilitates connections between European research, industry, government, and enterprise with innovation and talent in Australia and Asia. The centre plays a pivotal role in enhancing RMIT's global reputation and expanding its international network of industry partners and alumni.

Spanish Companies Driving Innovation in Victoria

Similarly, Spanish companies are playing a vital role in Victoria’s infrastructure and clean energy sectors, contributing to major projects and investment in the state.

Over the five-year period between FY2018 and 2023, investment inflow from Spain to Victoria was valued at A$2.8 billion, creating approximately 1400 jobs. Victoria is the leading destination in Australia for the number of projects and jobs.

Several major Spanish businesses operate in Victoria, contributing to key sectors such as infrastructure, transport, and energy. These include:

• Acciona – A global leader in renewable energy and infrastructure, Acciona is actively involved in Victoria’s transport projects and wind farm developments.
• Iberdrola – One of the world’s largest renewable energy firms, Iberdrola is investing in Victoria’s clean energy transition through large-scale wind and solar projects.
• Ferrovial – A major player in transport infrastructure, Ferrovial has contributed to Victoria’s road and rail projects.
• Fever - A world leader in live entertainment, Fever set up its ANZ headquarters in Melbourne to tap into the city’s global reputation as a vibrant, cosmopolitan, multicultural hub with a strong demand for world-class events. Fever opened its permanent Exhibition and Experience Hub in Brunswick last year, which has hosted major global events including Bridgerton: A Queen’s Ball and Jurassic World: The Exhibition.

With Spain’s strong expertise in sustainable infrastructure, technology and energy, there is significant potential to expand Victoria’s economic relationship with Spain in the coming years. By leveraging shared strengths, both regions can drive innovation, investment, and job creation.

Victoria and Spain: A collaborative partnership

The Victorian Government maintains close working relationships with the Spanish Embassy in Canberra and consulates in both Melbourne and Sydney, along with the Spanish Australian Chamber of Commerce, La Camara.

Victoria’s engagement with Spain is supported in-market by the Victorian Government Trade and Investment Office for Europe in Paris.

Recent activities

Oakdene Triumphs at 2024 Air Liquide Concours des Vins

Victorian winery Oakdene has achieved remarkable success at the 2024 Air Liquide Concours des Vins, proudly organised by the French Australian Chamber of Commerce & Industry (FACCI). The Bellarine Peninsula-based vineyard was awarded two gold medals and took home the prestigious ‘Wine of the Year Trophy’, marking a standout performance among a competitive field of Australian producers.

This recognition is a testament not only to Oakdene’s dedication to quality and innovation, but also to the strength and growing reputation of Victoria’s wine sector on the international stage. Congratulations to Oakdene on this well-deserved win — a shining example of the world-class excellence found in Victorian wines.

After a seven-year absence, FACCI reintroduced its Victoria Wine Competition at the end of 2024, sponsored by Air Liquide, celebrating the diversity and excellence of Victorian wines. Eight judges from the French-Australian wine industry assessed 96 wines across four categories: Aromatic Whites, Chardonnay, Shiraz, and Pinot Noir.

The event concluded with a Gala, where 250 guests enjoyed a dinner crafted by Philippe Mouchel, paired with the competition’s top eight wines.   Congratulations to FACCI on such a successful initiative to showcase the depth and quality of Victoria’s wine producers. The Victorian Government values its strong partnership with the Chamber, which plays a key role in deepening French-Victorian economic relations and supporting opportunities for collaboration and trade.

International Chamber House welcomes the Italian Chamber of Commerce and Industry

Global Victoria and Invest Victoria warmly welcome the Italian Chamber of Commerce and Industry into International Chamber House (ICH) as one of our newest tenant chambers.  Based in the heart of Melbourne, ICH is a Victorian Government initiative where bilateral chambers can come together, share ideas and drive innovation and collaboration through their memberships.

At their office opening on 27 February, Global Victoria & Invest Victoria CEO Danni Jarrett provided welcoming remarks to ICCI President Adrian LoGuidice, Secretary General Veronica Misciattelli, Italian Consul General Chiara Mauri and the ICCI Board and members.

Global Victoria and Invest Victoria look forward to working with the ICCI team to deepen the already dynamic and growing economic links between Victoria and Italy.

Victoria’s relationship with the UK is in the spotlight at the Australian British Chamber of Commerce event

Global Victoria was delighted to welcome the British High Commissioner to Australia, Vicki Treadell CMG MVO, on 31 January at an event organised in partnership with the Australian British Chamber of Commerce (ABCC).

As the High Commissioner approached her final weeks in Australia, the event provided an excellent opportunity to take stock of the many positive developments that have occurred during her tenure in Australia, including the signing of the Australia-United Kingdom Free Trade Agreement – a modern and landmark comprehensive trade deal between our two countries – and the AUKUS defence partnership.  Both of these developments offer an array of opportunities for Victorian businesses.

The event attracted a diverse range of UK companies in Victoria, as well as Victorian companies doing business with the UK.

Looking ahead

Technology Trade Mission to the UK & Europe*

SxSW London (2-7 June 2025)  
London Tech Week (8-10 June 2025)  
Vivatech Paris (11-13 June 2025)

*Applications have now closed.

Previous regional insights

• Spring 2024
• Winter 2024
• Autumn 2024
• Spring Summer 2023/24
• Winter 2023
• Autumn 2023
• Summer 2022

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.

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.

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.

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.

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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