Engagement with Europe continues to grow

The relationship between Victoria and Europe is underpinned by strong trade, investment and cultural links that continue to grow and diversify. Key sectors of notable business engagement include technology, defence, life sciences, food and beverage, professional services, sports, culture, and consumer products (including beauty and wellness products).

Europe is also a leading source of investment in Victoria. Negotiations between Australia and the EU on a free trade agreement (FTA) continue to progress.

New Paris Trade and Investment office to champion Victorian businesses in Europe

Victoria is also strengthening its presence in Europe through the establishment of a Victorian Government Trade and Investment (VGTI) Office for Europe in Paris.

Gönül Serbest, Victoria’s Commissioner for Europe, has commenced her posting at the new Victorian Government Trade and Investment office in Paris to support trade and investment outcomes between Europe and Victoria. The new Paris office takes Victoria’s trade and investment network to 24 offices around the globe.

Comprising one-sixth of the global economy and with an estimated nominal GDP of AU$23 trillion, the European Union is one of the world’s economic superpowers and a key trade partner for Victoria.

With two-way merchandise trade between Victoria and the EU already totalling $17.3 billion in 2021/22, the new Paris trade office – alongside the London and Frankfurt offices - will drive new opportunities and raise the profile of Victorian businesses, particularly target sectors including life sciences, technology (edtech, sportstech and fintech), renewable energy and defence.

Recent European investment benefits for Victoria include German mRNA pioneer BioNTech’s decision late last year to enter into an in-principle agreement to establish a clinical scale mRNA manufacturing facility in Melbourne.

Export success stories abound, including Victorian skincare company, and 2022 GOVEA Award Winner, Ultra Violette which established a foothold in Europe with help from the Trade and Investment office in London and now exports to 20 countries.

Global Victoria and the Victorian Government Trade and Investment offices in Europe will continue to collaborate, support and work with governments and businesses to foster trade and investment between the UK, Europe and Israel and Victoria.

The Netherlands Chamber of Commerce Australia (NCCA) - with the support of Global Victoria through the Global Victoria Trade Alliance - brought together the event, Connecting Australia and The Netherlands: Let’s make waste and circular economy our business with industry experts from Victoria and The Netherlands, on 5th April 2023.

The event cast a spotlight on the current waste and circular economy landscape including regulations, the importance of prioritising the prevention of waste generation (a circular rethink), and waste policy. Industries experts shared successful stories of two-way investment and trade partnerships that
use a circular economy approach between Victoria and the Netherlands.

Image credits: NCAA Event by Organic Photo

Recent Victoria-Europe, UK, and Israel engagements

• In March, the Minister for Industry and Innovation, the Hon. Ben Carroll met with business and government leaders in Israel over seven days to drive deeper economic ties with Victoria – particularly in defence, medical technology and startups. Recent investments from Israeli tech leaders
  Sisense, Data Science Group and XR Health have helped create 543 new jobs in Victoria and boosted the state’s overall foreign direct investment.
• On 31 March, Danni Jarrett, CEO Global Victoria and Invest Victoria, hosted a roundtable discussion with Lord Dominic Johnson, UK minister of State and a selection of Victorian companies. The discussion highlighted the depth of investment relations between
  Victoria and the UK, and the role that Venture capital plays in fostering investment and business engagements in a longer term.
• From 19 to 24 March, Global Victoria facilitated a six-day program to the 3-day BIO-Europe Spring conference, and two days of site visits in and around Basel, Switzerland. The mission supported Victorian-based companies in the Biotechnology, Medical technology,
  Clinical trials and Research and drug development sectors that are export-ready and currently exporting or looking to enter a new international market.
• In partnership with Austrade Switzerland, Global Victoria also co-hosted the Australia Life Science Networking function. It was an excellent opportunity to connect with international companies, leaders, and innovators in the life science sector.