Victoria is significantly expanding its presence in the United States to bolster support for Victorian exporters and drive investment attraction from the world’s largest economy.
The Victorian Government today announced almost $12 million for the expansion, which includes funding to appoint six additional trade and investment staff in the US and three new positions in Victoria within Global Victoria and Invest Victoria.
The commitment follows the recent appointment of Victoria’s two new Commissioners to the Americas to lead work to capitalise on economic opportunities in the region, particularly as the United States economy recovers on the back of the Biden administration’s stimulus package.
Commissioner Caroline Edwards will be based in New York to lead Victoria’s trade and investment attraction activities with the US east coast and Canada. Commissioner Nigel Warren will be based in San Francisco to focus on the US west coast and Latin America.
The United States is a key market and Victoria’s second largest trading partner, with two-way trade valued at $12.3 billion in 2020-21. It has long been the top source of direct foreign investment into Victoria.
Investment facilitated by the Victorian Government from the United States has created 2,115 jobs and $828 million in capital investment since 2019.
With a 37 per cent growth in imports in the 12 months to April 2021, there are signs the US economy is recovering from the pandemic, presenting significant opportunities for Victorian businesses.
Global Victoria has seen increased demand for export support to the US and recently helped Bendigo-based Australian Turntable Company and Corio-based Cobram Estate Olives expand their US presence.
Through the recently established Global Victoria Trade Alliance program, Global Victoria has partnered with the American Chamber of Commerce in Australia to help Victorian businesses better understand the US market.
Victoria’s network of international trade and investment offices is the largest of any Australian state or territory.
Find out more about Victoria’s trade and investment offices at global.vic.gov.au.
As stated by Minister for Trade Martin Pakula
“The United States is an economic powerhouse that offers growing trade opportunities for Victoria – our expanded presence will ensure that Victorian businesses get the support they need to get on in this crucial market.“
“We are helping Victorian businesses succeed in the US because their growth means more jobs for Victorians.”
As stated by Minister for Economic Development Tim Pallas
“Victoria has a track record of attracting significant investment from the United States that makes our economy stronger – we’re redoubling our efforts in the US because we know just how important it is.”
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