Victoria is the leading Australian investment destination for advanced manufacturing projects, attracting $588 million in foreign direct investment last financial year, according to a new report from fDi Markets.
The report, titled Connecting Victoria to the World, highlighted the critical role of trade and investment in driving economic growth and creating jobs, as well as the results of the state government’s efforts to support local exporters and cement Victoria’s position as a top investment destination.
According to data from fDi Markets, Victoria attracted a total of $4.3 billion in overseas investment in 2022-23 financial year.
During this period, more than 2,500 new jobs were created out of 43 new international investments secured by the state government. Twenty-nine of these investments represented first-timers in the state while the remaining expanded their existing presence.
These companies include global giants, such as Microsoft, which was supported by Invest Victoria to identify and secure sites for the expansion of its Azure Availability Zone in Melbourne, creating 300 new roles.
“Our strong relationships across industry and global networks continue to support Victorian businesses and attract global investors to our state,” said Global Victoria and Invest Victoria CEO Danni Jarrett.
During the last financial year, the Victorian government led 48 trade missions to strengthen export opportunities across a range of industries and helped more than 640 companies to trade in global markets.
Overall, the Victorian export market generated more than $700 million in sales for the period.
“By actively pursuing trade and investment opportunities it shows the world that Victoria is a great place to do business – and that creates jobs,” said Minister for Economic Growth Tim Pallas.
“We’ll keep moving forward and supporting Victorian businesses and workers because it keeps communities strong and the state growing.”
In a bid to maintain Victoria’s position as a global trading partner and key investment destination, the 2023-24 Victorian Budget has allocated $20 million to the International Investment Attraction Fund and $12 million to the Boosting Victorian Exports program.
