The Victorian Government announced on 5 March it will prepare an Association of Southeast Asian Nations (ASEAN) Trade and Investment Strategy to strengthen the state’s economic ties with fast growing economies in our region. Submissions are now open for your input about the upcoming strategy.
Victoria's Minister for Trade and Investment, Small Business & the Digital Economy announced the new strategy during his keynote speech at the Asialink Business forum, State of the Nation: ASEAN, Innovation and the Digital Economy.
With a population of more than 630 million people, a GDP of USD$2.7 trillion (in 2017 alone) and a fast growing workforce, the 10 ASEAN countries are fast becoming an economic powerhouse, creating new opportunities for trade and investment.
Victoria’s two-way trade with Southeast Asia was worth A$15 billion in 2016-17, but with the region’s consumer class set to double from 67 million to 125 million by 2025, there are great opportunities to further develop our trade relationships.
The Minister acknowledged having a diverse range of trading partners was critical to the stability of Victoria's economy, and emphasised the importance of building upon relationships for the long-term with the ASEAN countries to "ensure that we are an appropriately respectful citizen".
"With the region’s consumer class set to double by 2025, there is a lot of work to do to take advantage of that growth" Minister for Trade and Investment
The Minister said there is a strong link between ASEAN’s growth and the goods and services that Victoria has to offer across a range of sectors like education, innovation, digital technology, professional services, and food and fibre.
Have your say for the upcoming strategy
The Victorian Government values your insights with regard to opportunities to grow and diversify the trade, investment and people-to-people relationships between Victoria and ASEAN.
Find out details on how to provide your input for the strategy, Victoria’s trade and investment presence in Southeast Asia, as well as market insights.