Globally ConnectedVICTORIA’S TRADE STATEMENT

ContentsMinister’s foreword 3Statement at a glance 4Overview of our strategies and actions 6Victoria’s strengths 8Trends shaping Victoria’s trade future 12Our strategies to deliver export growth 15

1. Connected: Strengthening Victoria’s international 16 presence and connections

2. Focused: Supporting priority sectors and key markets 18 and building business capabilities for growth

3. Competitive: Boosting Victoria’s trade competitiveness 224. Inclusive: Supporting Victorian businesses to go global, 24

regardless of size or location

Your Export Toolkit 25Exporting must-haves 26Bringing the world to Victoria 30Globally connect overseas 31Supporting you to access market opportunities 32Export awards 34Victorian Government programs 36

References 37

2 GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT

Minister’s forewordInternational trade is vital to creating jobs and to the success of many Victorian businesses. The Victorian Government’s extensive trade mission programs, export capability initiatives and Victorian Government Trade and Investment network, the largest of any state or territory, have been critical for Victoria’s successful engagement in the global economy.

Equally important has been investing in people-to-people and cultural links. We have been incredibly fortunate to be able to draw on Victoria’s inclusive multicultural community, whose diversity is one of our state’s greatest strengths and assets.

Global trade is evolving at a rapid pace, with the digital revolution, the rise of Asia and the growing global demand for services. These changes provide enormous opportunities for Victorian businesses – regardless of their size – to take advantage of growing export markets.

The digital revolution has changed forever the way suppliers and consumers are connected. E-commerce platforms now mean that anyone can be an exporter, with more of the world’s markets potentially in play than ever before.

At the same time, growing protectionist sentiment has the potential to challenge the open global trading marketplace, which has served Victoria’s interests so well.

The impact of the rise of Asia on Australia’s economy will continue to dominate the outlook for our exports. It is not just the scale of Asia’s growth that is important for our businesses but also the diverse nature of the demand for goods and services.

Globally Connected: Victoria’s Trade Statement is the first document to publicly communicate Victoria’s overarching trade strategy since the release of Opening Doors to Export in 2004. It articulates our vision for securing growth and prosperity through trade in a dynamic international environment. It also outlines the Victorian Government’s support for Victorian firms to sustain strong trading partnerships and to connect to new markets. It is one of a range of strategies to support jobs and investment in Victoria.

We’ve got the highest rate of job growth in the nation because our innovative businesses are succeeding at home and abroad. Globally Connected is a key platform to help Victorian businesses harness trade opportunities and continue to thrive.

Hon Philip Dalidakis MP

Minister for Small Business, Innovation and Trade

4 GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT

Statement at a glanceGlobally Connected: Victoria’s Trade Statement explores global trends that are shaping a new era in international trade. It highlights how the Victorian Government is supporting businesses to seize trade opportunities, including through our Export Toolkit for use by Victorian businesses.

The Victorian Government is generating the right economic conditions for businesses to thrive and create more jobs. We are promoting stronger global trade connections and investing in the infrastructure needed for businesses to capitalise on international opportunities.

Victorian businesses that are competitive, innovative and globally connected are critical to:

• creating more jobs for Victorians

• increasing business growth and sustainability

• delivering economic growth and prosperity across the state.

Global engagement is vital for VictoriaMaintaining connections with traditional markets while also expanding into new markets enables businesses to grow and our economy to be more resilient. Exports and foreign investment provide access to new sources of income and capital, creating jobs and new opportunities for businesses to expand and innovate.

Victoria has benefited from greater access to the world’s best goods and services. We have been able to excel in internationally competitive industries such as education, tourism, professional services, food and fibre and digital technology – high-value industries that greatly benefit our economy and create jobs.

Victoria’s strengthsVictoria is moving ahead, with one of the fastest growing economies and populations in Australia. Our ability to trade and attract international talent, investors, visitors and students has helped our economy prosper even in times of global economic instability.

With annual exports of over $43 billion, Victoria is already successfully exporting across a diverse range of industries. The Victorian Government continues to invest in the infrastructure and services needed to boost trade and stay competitive.

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Trends shaping Victoria’s trade futureGlobal trade is being transformed by several key trends, creating exciting opportunities for Victoria and our businesses.

Growing opportunities in Asia: a large and growing consumer base in Asia is driving increased demand for high-value consumer goods, services and knowledge, creating significant opportunities for exporters.

Services growth: global demand for services continues to expand, presenting an enormous opportunity for Victorian service providers to take advantage of growing markets.

Digital disruption: digital flows are radically changing the nature of world trade and creating more interconnected markets and a way for even the smallest or remotely located business to access millions of customers.

Trade liberalisation: Australia’s modest population means foreign direct investment remains important. Open trade and investment flows remain critical to Victoria’s economic prosperity.

However, more accessible markets also mean more competition both here and abroad. Victorian businesses need to be agile and stay one step ahead of global competitors by embracing innovation and developing an in-depth understanding of consumers in key markets.

Four strategies have been developed to help Victorian businesses become globally connected, innovative and competitive. Each includes a series of actions.1. Connected: strengthening Victoria’s

international presence and connections.

2. Focused: supporting priority sectors and key markets and building business capabilities for growth.

3. Competitive: boosting competitiveness by giving businesses access to the best people and infrastructure supported by a strong state brand.

4. Inclusive: Supporting Victorian businesses to go global regardless of size or location.

These strategies will help increase the value of Victorian exports, leading to more businesses exporting and further growth in jobs.

Export ToolkitThe statement includes an Export Toolkit, which provides all the information businesses need to start or expand their global trade. The toolkit includes case studies, support for connecting overseas and at home, information on accessing markets, and business development.

Overview of our strategies and actionsCONNECTED FOCUSED COMPETITIVE INCLUSIVE

Strengthening Victoria’s international presence and connections

Supporting priority sectors and key markets and building business capabilities for growth

Boosting Victoria’s trade competitiveness

Supporting Victorian businesses to go global, regardless of size or location

Investing in the Victorian Government Trade and Investment network to support business

Engaging strategically with sectors and markets

Effective investment in trade supporting infrastructure

Supporting regional businesses to export through Regional Development Victoria

Harnessing the expertise of business leaders to connect internationally

Targeting trade missions to leverage our competitive strengths

Facilitating strategic investments

Promoting Victorian women in international business

Working with strategic partners to build global connections

Building business capabilities for growth and recognising excellence

Positioning Victorian businesses for e-commerce and digital access for trade

Small Business Victoria – supporting small businesses to export

Increasing direct flights to drive tourism, trade and jobs

Developing Asia capability of Victorian business

Developing and attracting global talent to increase exports

Supporting start-ups and entrepreneurs through LaunchVic

Supporting Victorian businesses to access market opportunities

Leveraging business events to showcase Victoria’s international capability

Promoting Victoria’s strengths

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Victoria’s strengthsVictoria is already doing well. We are internationally competitive and our economic diversity and competitive advantages provide a strong platform for future export and investment growth.

Victoria has a proven export recordWith annual exports of over $43 billion, Victoria is successfully exporting across a diverse range of industries. Almost 70 per cent of Victoria’s exports are spread across the Visitor Economy and the six Future Industries of Food and Fibre, International Education, Professional Services, Medical Technologies and Pharmaceuticals, New Energy Technology and Transport, Defence and Construction Technologies.1 (See Figure 1). We are supporting these sectors through our $273 million Future Industries Fund, ensururing they continue to flourish and grow.

Sectors such as tourism, international education, professional services and food and fibre are leading Victoria’s export expansion. Victoria, with only three per cent of Australia’s landmass, is the nation’s largest exporter of food and fibre products, valued at $12 billion in 2015-20162.

On the ground support for business here and across the globeWhen it comes to supporting businesses to become globally competitive, Victoria is a national leader – we have the largest and most active network of international offices of any Australian state or territory.

With over 80 staff engaged offshore, supported by a specialist Victoria-wide team, Trade and Investment Victoria supports businesses to succeed globally by:

• connecting businesses to in–market opportunities

• facilitating in-market connections with buyers and business leaders

• bringing international buyers and business leaders to Victoria to connect with exporters

• supporting business matching activities at major conferences and events

• providing market intelligence and industry insights

• building export capability through our Export Skills program

• working with industry and the Federal Government to secure access to markets

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We are expanding our offerings by building on our solid relationships and international presence, while strengthening business capability and continuing to develop our strong brand to attract and retain capital and talent for growth. This will result in more and better paying jobs for Victorians.

Victoria is a leader in global insights and Asia capabilitiesTo support the development of strong partnerships in our region, the Victorian Government has invested in strong institutional linkages. Victoria is home to numerous research institutes, think tanks and business chambers, as well as a growing diaspora, connecting us to the latest insights from our region and beyond.

As part of the Education State and Skills First policy agendas, the Government is also investing in our state’s language, learning and intercultural capabilities to ensure a globally capable workforce. All Victorian schools are required to teach languages, with Chinese, Japanese and Indonesian among the top languages currently taught.

With additional support, our wealth of international people-to-people connections will provide Victorian businesses with an advantage over competitors, and create even more opportunities to tap into growing markets.

Leadership in digital connectivityDigital connectivity is vital for firms seeking to boost export capability, enter new markets, sell directly to consumers via e-marketplaces and embrace new transaction technologies.

Victorian businesses have access to some world-class technology infrastructure and services. Victoria has:

• one of the world’s best mobile networks and significant investments to improve coverage.

• world-class skills and capabilities in cyber security, ICT education, web/mobile app development, cloud computing, systems data, software development and advanced digital tech research.

• commenced a pilot of innovative in-train technology to boost signals from mobile phone towers for regional commuters.

Governments in countries such as Switzerland and South Korea have ensured that their businesses benefit from access to advanced digital technology. With Australia currently ranked just 57th in the world for average peak connection speed, Victoria will continue to advocate to the Federal Government for improved access to fixed line and mobile broadband services. This will help ensure all businesses can participate in the digital economy and compete internationally.

Freight and logistics infrastructure that supports tradeVictoria has a sophisticated and efficient freight and logistics network, which is essential for successful and competitive trade outcomes. Melbourne is strategically situated, with the major port, roads, rail, 24/7 major airport and freight hubs well networked for freight movement to local, regional, interstate and international markets.

The centrally located Port of Melbourne is the largest container port in Australia, providing a competitive edge for Victorian exporters. The recent 50-year lease of the port will result in increased efficiencies and competitiveness, and the $9.7 billion proceeds are being invested in important transport infrastructure across regional Victoria and metropolitan Melbourne.

A strong reputation for high-quality goods and servicesVictoria has a strong international reputation as a reliable producer of clean and safe food products with robust biosecurity systems.

We are also known for our high quality education, healthcare, emergency, technology and urban planning services. Our strong design, engineering and scientific capability ensures that Victorian companies lead in successful new product development. Victoria also has a growing reputation for developing technology that respondes to global issues such as climate change, water security and treatment of disease.

The Victorian Government has committed $273 million to the Future Industries Fund to grow the economy and create new jobs in priority sectors where Victoria demonstrates competitive strengths.

Other sectors also remain a focus, including the Creative Industries, and the Visitor Economy, where targeted tourism and creative industries investment has the potential to deliver significant additional growth and jobs in regional Victoria.

Impact for all participantsTrade mission participation increased export sales by an average of 219 per cent within 12 months and 345 per cent within 24 months.

$Increased value of export salesOn average, each exporting business participating in our Trade Mission had total export sales of $809,662, one year before participation (base year). One year after the mission, each business had export sales of around $1.8 million growing to $2.8 million just two years after the mission.

Creating new exportersApproximately half of program participants were not exporters in the base year. Trade mission participation increased the probability of becoming an exporter by 26 per cent within 24 months (approximately 70 per cent increase).

INSIGHT

Our Trade Mission Program gets results

Our successful Trade Mission Program showcases local businesses in key industries globally. An independent evaluation by Swinburne University of Technology’s Centre for Transformative Innovation showed the benefits of the Program with participating businesses becoming more globally connected and increasing exports.

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Trends shaping Victoria’s trade futureGlobal trade is being transformed by a number of key trends, creating exciting opportunities for businesses in Victoria.

Growing opportunities in diverse Asian marketsThe rapid pace and scale of Asian industrialisation and urbanisation – along with the growth of the Asian middle-class – has created new patterns of global production, trade and investment.

This growth is set to intensify in the coming years with China, India and Indonesia predicted to continue on their strong growth trajectories to be in the top five economies alongside the US and Japan by 20204. In 2014, China became the world’s largest economy on Purchasing Power Parity terms and is predicted to become the largest in real terms overall before 20305.

A large and growing consumer base is driving increased demand for high-value consumer goods, services and knowledge, while urbanisation is increasing demand for clean technology, water security and urban planning. This is creating significant opportunities for businesses with the ability to access and supply these markets6.

Asian demographic trends open up a range of opportunities for services trade. For example, the ageing population in Japan is driving demand for advanced healthcare services and Japan is now the third largest spender on healthcare in the world7. This highlights the need to continue to advocate for greater market access to ensure our service industries can effectively operate in offshore markets.

Similarly, demand is increasing for offshore education and training services. This is driven by factors such as population and economic growth, and the importance of quality certifications8.

Despite the enormous growth in Victoria’s trade with Asia, the PwC 2014 report, Passing Us By, found only 9 per cent of Australian businesses were operating in Asia and only 12 per cent had any experience operating in Asia at all9. This suggests that many Victorian companies lack the skills networks and capabilities to expand into these lucrative but complex markets.

To be successful in Asia, businesses need to develop the confidence to navigate cultural differences, as personal relationships remain key to successful business partnerships10.

Our commitment to support improved intercultural understanding and awareness of the opportunities will help increase the number of businesses successfully exporting to Asian markets.

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Services growthGlobal demand for services continues to grow, presenting a remarkable opportunity for Victorian service providers. World services trade has grown by 80 per cent over the past 10 years. In contrast, merchandise trade grew by 57 per cent11. This trend is expected to continue as economies develop, and as services can increasingly be delivered digitally across borders.

Victorian services firms are very well placed to take further advantage of this trend, with world-class industries and a global reputation for high-quality, reliable service delivery.

Already in Victoria, services export growth is far outstripping goods export growth. Annual goods export trend growth from 2000 to 2016 was one per cent, compared to a six per cent annual trend growth in services exports, driven largely by international tourism and education (see Figure 2).

Victoria’s infrastructure, strong skills base, competitive business environment and efforts from both industry and government have all helped to position Victoria’s services industries as world-class.

Figure 2: Victoria’s exports – the rising importance of services12

Figure 2: Victoria’s exports – the rising importance of services

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Digital disruptionDigital disruption is radically changing the nature of world trade, challenging existing business models and creating more interconnected markets. Practically every type of cross-border transaction now has a digital component13. Even the smallest business now has access to millions of customers, with digitally advanced small and medium businesses seven times more likely to be exporters than those with basic digital capability14.

Digital connectivity offers businesses easy access to the information and services required for successful market entry.

With the support of efficient freight and logistics systems, e-marketplaces such as Tmall, eBay and Amazon provide new export pathways to international markets. Innovative digital payment systems have the potential to transform e-commerce opportunities in markets where large numbers of consumers don’t have bank accounts15.

Digital technology also has the potential to dramatically change the way transactions between companies are conducted. Innovations such as Blockchain and shared ledger technology offer faster and more secure international transactions16.

Assisted by digital technology, the way goods are produced and services are delivered continues to evolve17. Global value chains are allowing firms to procure, supply and integrate goods and services from just about anywhere in the world. Capturing the high-value opportunities in these value chains is a priority for businesses and governments around the world.

Linking small and medium businesses with multi-national corporations through investment attraction and better access to overseas decision-makers is an important way we can make global value chains more accessible.

Trade liberalisationOpen trade and investment flows remain critical to Victoria’s economic prosperity.

To protect and promote Victoria’s economic interests, the Victorian Government supports the Federal Government’s ongoing trade liberalisation efforts in the World Trade Organization (WTO) and welcomes the gains from Australia’s bilateral and regional free trade agreements (FTAs).

The Victorian Government will continue to advocate for the state’s interests in trade and investment negotiations, as well as continuing to work with the Federal Government on technical market access barriers. We understand that it is not always easy to navigate the complexities of FTAs, so we will also continue to support Victorian businesses to use the preferential access provided by Australia’s FTA arrangements.

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Our strategies to deliver export growthThe Victorian Government is supporting businesses small and large by investing in the infrastructure and talent needed for global success. We also understand the need to be flexible and responsive to new opportunities in traditional and emerging markets.

Four strategies have been developed to help Victorian businesses become globally connected, innovative and competitive. Each of the strategies includes a series of actions to support our goals.

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1. Connected: STRENGTHENING VICTORIA’S INTERNATIONAL PRESENCE AND CONNECTIONS

To be globally competitive businesses need to be globally connected

Establishing and maintaining connections with global markets can be difficult, costly and time consuming – especially for small and medium businesses. Building the relationships necessary to export can require a long-term commitment before any financial returns are realised.

How the Victorian Government will help businesses connect to international markets

Investing in the Victorian Government Trade and Investment network to support business

Since 2015, Victoria has added two additional offices to the Victorian Government Trade and Investment network. The Victorian Government has committed $73 million over four years to support the state’s network of 20 international offices (see Figure 3).

The network supports Victorian businesses to compete in both established and high-growth markets. Deputy Commissioners are being appointed to focus on opportunities in Western China and South East Asia.

Harnessing the expertise of business leaders to connect internationally

The new Victorian Business Ambassadors Program will draw on business leaders with high-level networks and expertise in priority sectors and key markets. These leaders will reinforce our efforts to connect businesses internationally to help grow trade and investment.

Working with strategic partners to build connections

The Victorian Government works with partners both in Australia and offshore to better connect businesses to international markets. Key partners include the Federal Government (the Department of Foreign Affairs and Trade, Austrade and the Department of Agriculture and Water Resources), industry associations and international chambers of commerce.

A first of its kind, International Chamber House has been established in Melbourne to host bilateral business associations that will help foster closer ties with our international partners.

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Figure 3: International Office locations

We want more Victorian businesses to be better connected to key international markets

Increasing direct flights to drive tourism, trade and jobs

Direct international air services to and from Victoria are crucial in supporting international tourism flows, investment, business, connectivity with Victoria’s significant migrant community, and services trade. We will continue to facilitate new international routes and flights to provide further opportunities for Victorian businesses. Since October 2014, direct international flight seats to and from Melbourne have increased from 10 to 12 million per year, an increase of nearly 20 per cent.

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Figure 4. Connecting Victoria to the worldDirect non-stop flights from Melbourne Airport.

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2. Focused: SUPPORTING PRIORITY SECTORS AND KEY MARKETS AND BUILDING BUSINESS CAPABILITIES FOR GROWTH

To increase exports, the Government will focus support on high growth industries where a competitive advantage exists, as well as increasing engagement with key markets

Victoria’s export promotion efforts focus on the sectors where we have globally recognised products and expertise, and the markets with the greatest opportunities for our exports. We deliver an integrated suite of business support services through our network of international, metro and regional business offices.

How the Victorian Government will help businesses grow their exports

Engaging strategically with sectors and markets

Victoria now has tailored plans to focus on priority sectors where we have competitive advantages and the potential to be a global leader.

Each of the Future Industries sector strategies identifies export facilitation and integration into the global supply chain as priority actions. This focus will help Victorian businesses break into emerging markets.

Victoria’s thriving creative and visitor economies and our international health sector are also vital to our economic prosperity. Distinct strategies articulate the Government’s vision and actions for growth.

Effective international engagement requires thoughtful planning and a long-term view. Victoria’s China Strategy: Partnerships for Prosperity is indicative of this approach. Upcoming priorities include the development of an India strategy and a Latin America trade and investment strategy.

Targeting trade missions to leverage our competitive strengths

Leveraging Victoria’s international events, world-class infrastructure and our liveability, the inbound trade mission program brings buyers and key influencers from around the world to fully experience everything our state has to offer.

Since January 2015, the program has successfully delivered 35 inbound trade missions supporting business programs for over 1800 international delegates. Buyers and key decision makers have been linked with over 2200 Victorian companies.

Similarly, the outbound trade mission program also performs strongly for Victoria. Since January 2015, the program has successfully delivered 55 trade missions. Over 1090 Victorian businesses have accessed new markets in 23 countries, growing thier revenue and creating jobs.

Matching export-ready Victorian businesses with appropriate international buyers is vital to the success of the Government’s trade mission program. Our committed team of trade specialists located in our international and local offices provide this important service for Victorian businesses.

Building business capabilities for growth and recognising excellence

Ensuring there is a pipeline of export-ready businesses with products tailored to export markets is essential to the success of the broader trade program. Through our Export Skills program, our team of dedicated trade specialists provides tailored support, mentoring and training to help businesses take the next steps to growth.

The Governor of Victoria Export Awards is the most prestigious export award in Victoria. Rewarding Victoria’s most successful and innovative exporters, receiving this award gives businesses recognition in local and international markets.

Develop Asia capability of Victorian business

To help Victorian businesses develop the inter-cultural connections they need to access and expand into Asian markets, we are working to establish Victoria as a centre of excellence for Asia insights and capability.

$4 million has been allocated to the Asia Gateway program to promote innovation and build knowledge, across government, business and educators.

We are also helping emerging leaders build their Asia literacy by providing additional support for the Hamer Scholarships Program, which provides intensive language study and cultural immersion for Victorian professionals in China, Japan, South Korea and Indonesia.

A strong emphasis on languages and intercultural capabilities in the Victorian Curriculum is helping to develop a globally competitive future workforce. Programs such as the Victorian Young Leaders to China, Leading Asia Capable Schools and Sister Schools program support this goal.

Supporting Victorian business to access market opportunities

We are building Victoria’s engagement with key markets by providing relevant, reliable and targeted information to businesses.

We are also supporting businesses to use FTAs through our FTA Advocacy Program. This program is pursuing a more coordinated approach between government, industry and private sector experts to advocate for Victorian businesses in FTA negotiations and to deliver advice to businesses on how to choose the right FTA for their business and capitalise on the benefits in each agreement.

We also maintain strong biosecurity systems to keep export pathways open, and support industry-based programs to drive high-quality, clean and quarantine compliant products.

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Each of the Future Industries sector strategies identifies export facilitation and integration into the global supply chain as priority actions. This focus will help Victorian businesses break into emerging markets.

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Strategies that focus on key growth sectors

Launched in 2016, the $273 million Future Industries Fund is a key component of the Victorian Government’s integrated approach to driving jobs, exports and investment growth. The sectors targeted by the Future Industries Fund include: • Medical Technologies and Pharmaceuticals

• New Energy Technologies

• Food and Fibre

• Transport, Defence and Construction Technologies

• International Education

• Professional Services

Three funding programs support the strategies: the $13 million Future Industries Manufacturing Program, the $20 million New Energy Jobs Fund, and the $20 million Sector Growth Program. Victoria’s thriving creative and visitor economies plus our international health sector are also vital to our economic prosperity.

INSIGHT

MEDICAL TECHNOLOGIES AND PHARMACEUTICALS Sector Strategy

Victoria’s Future Industries.

Victoria’s Future Industries.

NEW ENERGY TECHNOLOGIESSector Strategy

Victoria’s Future Industries.

PROFESSIONAL SERVICES Sector Strategy

1

VICTORIAN VISITOR ECONOMY STRATEGY

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DEFENCE TECHNOLOGIESSector Strategy

Victoria’s Future Industries.

Creative StateVICTORIA'S FIRST CREATIVE INDUSTRIES STRATEGY 2016–2020

Victoria’s Future Industries.

FOOD AND FIBRE Sector Strategy

Victoria’s Future Industries.

CONSTRUCTION TECHNOLOGIES Sector Strategy

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VICTORIA’S INTERNATIONAL

HealtH STRATEGY 2016 – 2020

Partnering for a healthy and ProsPerous future

Victoria’s Future Industries.

INTERNATIONAL EDUCATIONSector Strategy

Victoria’s Future Industries.

TRANSPORT TECHNOLOGIES Sector Strategy

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INSIGHTS

Focus on key markets

Victoria’s China Strategy: Partnerships for Prosperity 2016 is strengthening Victoria’s connections with China and fostering understanding of each other’s people, culture and economic needs.

For more information visit the China Strategy website

Liveability Victoria International

Liveability Victoria International has been established to position Victoria as an international leader in liveability, leveraging the reputation of Melbourne as the world’s most liveable city to assist businesses in the liveability sector to enter target markets, particularly in Asia.

For more information visit the Liveability Victoria Website

Strategic investment attraction that improves our global competitiveness

E-commerce giant Alibaba sets up Australia and New Zealand headquarters in Melbourne.

The online giant’s choice of the Victorian capital for its regional base is a game-changer for the state’s small businesses hoping to access China’s A$1 trillion a year online retail market.

For more information visit the Victorian Connection Website

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3. Competitive: BOOSTING VICTORIA’S TRADE COMPETITIVENESS

To be competitive, Victorian businesses need a strong and supportive economic environment in which they can focus on growth and accessing the best people – supported by a strong state brand

Local businesses need investment, modern infrastructure and skilled people to effectively access global markets and operate productively. The support of a strong state and national brand is also important.

Victorian businesses take the lead in promoting their products and services internationally, but their job is made easier if our state has a reputation as a high-performing, stable and well-regulated economy. A strong Brand Victoria and Brand Melbourne, which promote the strengths of our local industries, is giving Victorian businesses a competitive advantage.

How the Victorian Government will support state competitiveness

Effective investment in trade supporting infrastructure

The Victorian Government has committed to an extensive infrastructure agenda that supports trade (including investments in ports, airports, road, rail, internet). This includes investing in:

• the $5.5 billion West Gate Tunnel Project to provide more efficient access to the Port of Melbourne;

• the Murray Basin Rail Project to deliver important upgrades to Victoria’s freight rail network;

• the $45 million Connecting Regional Communities Program.

Facilitating strategic investments

Victoria is an attractive destination for global investment. The increasing number of international companies establishing in Victoria provides connections and pathways to global supply chains and markets, which gives Victorian businesses greater trade opportunities.

An additional $90 million for targeted investment attraction and assistance fund in the 2017-18 Budget will focus on key strategic and priority sectors. This will further drive jobs growth and future trade outcomes.

Positioning Victorian business for e-commerce and digital access for trade

Businesses have a genuine desire to expand through e-commerce, but there are a number of challenges to overcome. The Victorian Government will support businesses across the whole e-commerce value chain through four initiatives:

1. Education: increasing business awareness and understanding of current and future opportunities.

2. Onboarding: helping businesses to identify the right online and logistics partners.

3. In-market branding: supporting business efforts to promote and position their products for new markets.

4. Attracting investors: providing access to leading international investment to facilitate global connectivity.

Developing and attracting global talent to increase exports

Victoria’s education sector – schools, universities, TAFE and other training providers – play a vital role in the development of a globally competitive workforce.

Strengthening our global talent attraction will help increase our competitiveness and innovation. That’s why the Victorian Government is working to ensure that Victoria remains a destination of choice for the best global talent. The $10 million Investor and Global Talent Initiative is designed to attract business people and skilled migrants to live and invest in Victoria.

Leveraging business events to showcase Victoria’s international capability

Business events are important to Victoria as they help to drive Melbourne’s national and international profile, tourism, branding and business linkages. Business Events generated direct expenditure of $10 billion and 65,500 jobs for Victoria in 2013-14.

Of the 160,000 international overnight business event visitors to Australia in the year ending March 2017, 32.4 per cent visited Victoria. Melbourne has officially been recognised as the number one city in Australia for business events, attracting the highest number of attendees in the country.

However, this is a highly competitive sector and renewing our business events strategy will ensure Victoria remains at the forefront. A focus on business events is an opportunity to showcase Victoria’s capabilities internationally.

Promoting Victoria’s strengths

In a competitive global market, the thoughtful branding and promotion of Victoria is important to our economic success. It is also critical in providing greater opportunities for the growth of Victorian businesses.

Successful branding is a challenge, particularly when trying to penetrate complex and segmented Asian markets. Sophisticated and well-researched soft diplomacy complements digital media and other campaigns to showcase our goods and services.

Launched in 2016, the $2.5 million ‘Victoria: A State of Momentum’ campaign showcases the state’s strengths as a business destination.

For more information please see the New State Of Momentum media release

24 GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT

4. Inclusive: SUPPORTING VICTORIAN BUSINESSES TO GO GLOBAL, REGARDLESS OF SIZE OR LOCATION

To maximise the economic returns of exports for all Victorians, businesses need to have the opportunity to go global, regardless of size or location

Supporting regional businesses to export through Regional Development Victoria

High-performing businesses underpin jobs growth and economic competitiveness in regional Victoria. Many of Victoria’s strongest performing export sectors are regionally based. Businesses in regional Victoria are well positioned to benefit from growing global opportunities through the export of food and fibre products, as well as advanced and niche manufacturing, minerals and resources, tourism, and increasingly, services, including health and international education.

The Victorian Government Regional Jobs and Infrastructure Fund (RJIF) is designed to increase regional Victoria’s growth potential by addressing key challenges and opportunities. It incorporates three programs:

• The $250 million Regional Infrastructure Fund is investing in major infrastructure projects that create or enhance the conditions for economic growth and build regional competitive advantages.

• The $200 million Regional Jobs Fund is helping companies grow their workforce, innovate, expand their markets and create the jobs of the future.

• The $20 million Food Source Victoria initiative has a targeted grants program aimed at growing agrifood exports.

In addition, the $50 million Stronger Regional Communities Plan will help Victoria’s rural and regional towns retain and attract populations and build on local community strengths.

Regional Development Victoria works closely with Trade Victoria to deliver a suite of export services to regional businesses. They can participate in the extensive inbound and outbound trade mission program and receive tailored business intelligence, export advice and contacts for specific overseas markets.

For more information visit the Regional Development Victoria website

Promoting Victorian women in international business

The Victorian Government has been the most active state government in championing opportunities for women in international trade. The Victorian Women in International Business program continues to promote opportunities for Victorian women to make new connections and develop partnerships to help grow their export businesses. The Government is planning the inaugural all female delegation to China. The mission will have a focus on entrepreneurship, innovation and technology, and explore new trade and investment prospects. Similarly, we will leverage other programs, including our hallmark inbound trade missions, to attract senior female business leaders to Victoria.

Small Business Victoria – supporting small businesses to export

We provide a range of tailored workshops to help small businesses develop skills to become export ready and target international customers. These workshops include Your Business in a Digital World, Develop Your Online Strategy and Marketing for Growth. The Business Planning for Growth workshop helps businesses take a strategic approach to exporting. In addition, the annual Small Business Festival helps small business operators by building capability and connecting with other exporting businesses.

For more information visit the Business Victoria website

Supporting start-ups and entrepreneurs through LaunchVic

In partnership with entrepreneurs, industry, business and educational institutions, LaunchVic, the Victorian Government’s $60 million startup initiative, is working to develop a globally-recognised, thriving startup culture in Victoria.

With its dynamic and well connected start up ecosystem, Victoria is well placed to become a global leader. Many of Victoria’s most successful startups are born global – firms for which exporting is an essential part of their business from day one.

An important part of LaunchVic’s work is providing the right environment to develop and grow high-impact internationally competitive businesses. LaunchVic does this by leveraging Victoria’s world-class infrastructure, talent and activities to develop and scale export opportunities from the startup sector.

For more information visit the Launch Vic website

Your Export Toolkit

This toolkit contains five sections:1. Exporting must-haves

2. Bringing the world to Victoria

3. Globally connect overseas

4. Supporting you to access market opportunities

5. Export awards

We are here to help your business succeed. Find out more about our programs, or apply for support or information at our website Trade Vic and talk to us on twitter @TradeVictoria

26 GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT

Exporting must-haves Every business needs help at times – especially with the highs and lows of growing your business internationally. To help you grow exports we share intelligence about emerging markets, industry trends and connections.

Our Export Skills program

Our Export Skills program provides online training and seminars as well as local and international workshops and briefings on specialist and topical themes essential for international trading success.

We can equip you to trade in e-markets through e-commerce channels; gain international market insights; or take advantage of new market access opportunities.

The Export Skills program also prepares you and your business for getting the most out of other Victorian Government trade programs including Inbound and Outbound Trade Missions and the Access Program, through pre-mission briefings and market seminars.

Our Export Skills program will also step you through the complexities of exporting – covering topics such as legal, shipping, tax and insurance – to set you up for international business growth and success.

We will take you through the full export life cycle, – from the must-haves of paperwork and logistics through to the finer details of establishing business partnerships in other countries.

Our record speaks for itself – in the last financial year more than 580 businesses took advantage of our Export Skills program.

Save time and money and get your exporting must-haves.

Cultural and language training - Hamer Scholarships on offer

Our Hamer Scholarships Program aims to build language skills and cultural understanding in China, Indonesia, Korea and Japan. The intensive immersion program will help you build your export and business relationships in Asia.

For more information on these programs visit the Hamer Scholarships website and talk to us on twitter @TradeVictoria

Export Skills Programs website and talk to us on twitter @TradeVictoria

Case StudyHamer Scholarship Award Winner: Louise Clegg

The Hamer Scholarships Program is an intensive in-market immersion program. It helps participants develop their export and business relationships in Asia, as well as building language skills and cultural understanding.

Louise Clegg was awarded a Hamer Scholarship in Nanjing, China, in 2015. She has gone on to become the Business Development Manager at Evolution Health, a Victorian international healthcare supplements company.

Louise manages a portfolio that includes one of the fastest growing probiotic brands in China. Her role requires her to understand and deal with Chinese consumers, the ever-changing environment of Chinese e-commerce and export distribution and pricing.

“My cultural experiences of living, working and studying in Nanjing have helped to provide in-depth insights and cultural understandings of Chinese consumer’s needs,” said Louise.

“The Hamer Scholarship Program has also contributed to my Chinese language capabilities, allowing me to maintain important relationships with our partners and conduct business dealings in Chinese.”

Louise uses her knowledge of the fast-moving consumer goods market in Australia, and how that translates into China, to increase the success of Evolution Health’s major brand.

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Case StudyANNEX Foods

ANNEX Foods is an Australian owned health and wellbeing food business that develops food products including cereals, oats, snacks, dairy, health foods, and baking products. It has been taking part in the Victorian Government’s trade program for several years.

In 2016 the Victorian Government’s China Business Office introduced 10 distributors of Victorian products, including ANNEX Foods, to executives at China’s Enjoy Shopping 24-hour television channel.

ANNEX Foods conducted a trial on Enjoy Shopping and sold 3,500 packets of Red Tractor instant oats in 30 minutes. Red Tractor products are now currently selling on Enjoy Shopping’s e-commerce platform.

Hong Xu, Export Manager at ANNEX Foods, said that his company benefits from both the inbound and outbound trade missions.

“It’s good to have international buyers come to Australia, so we can show them where we make the products and how we make them, so they get more understanding of the food environment here,” said Hong.

“The Victorian Government organised a manufacturing site tour last year during the inbound mission and we nominated us as a host. Around 15 international buyers turned up and we showed them where our products are made at our site in Clayton South.”

ANNEX Foods also participated in the 2017 international trade missions to FOODEX Japan and SIAL China. Without the Government’s trade program, the company would not have been able to attend these tradeshows.

“As a small to medium Australian family-owned business we don’t have the funds or resources to exhibit in a country that we haven’t exported to before,” said Hong.

“This was our first time at FOODEX in Japan. We learned a lot about this market during three days of exhibiting and spoke to a number of buyers and we now understand what the market wants.”

“SIAL is the biggest Chinese food exhibition, and China is our biggest export market. The Government’s support allows us to go there every year and show people we are continuing to work hard and make new products,” said Hong.

“It is a good way to test new products and concepts as a lot of buyers are coming. It’s also good to catch up with existing customers and to find out what they need from us in the coming year.”

Case StudyAustralian Premium Dried Fruits

Australian Premium Dried Fruits is a 100 per cent Australian owned, grown and packed dried fruit processor based in Mildura. The company has participated in several of the Victorian Government’s outbound and inbound trade missions.

Craig Greenwood, National Sales Manager, says the trade program has been invaluable to Australian Premium Dried Fruits (APDF).

“I’m a strong supporter of the program because it’s helped our company so much,” said Craig. “It’s the best value program I’ve come across.”

In 2017, APDF participated in several international trade missions coordinated by Trade Victoria, including Gulfood in Dubai, Food and Hotel Indonesia, FOODEX Japan and SIAL China.

“These are some of the biggest shows in the world each year. It’s a really cost effective way for a company of our size to explore the global market,” said Craig. “The Victorian Government runs joint stands and we were part of those. They also put on networking events.”

“It’s a huge cost savings; a stand at a trade show is worth tens of thousands of dollars. All we need to do is supply the marketing components and just get there. In Asia, it also afforded us a level of credibility being part of the Government’s stand.”

“It’s a really good program for small to medium businesses to test their products in the global market. Exports are a long-term game, we can’t just go to a country once; we need to build a network and commit to the country and go a number of times. This trade program is an invaluable part of that strategy.”

APDF also participated in Food and Beverage Trade Week 2016, having buyers visit them in Mildura as part of an inbound trade mission.

For APDF, the benefits extend beyond the Government’s trade missions, to its international offices and connections.

“The Victorian Government has a large network of companies they work closely with and they introduce us to companies we would never have met if we weren’t in the program,” said Craig. “They have offices in many cities, that help us and other companies to connect with businesses around the world.”

“It’s a key part of our export strategy to be involved in this Victorian Government program.”

30 GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT

Bringing the world to VictoriaMeet international buyers and negotiate deals without getting on a plane. We can connect you to international buyers and investors right here at home through the Victorian Invitation Program, industry and business events and major conferences.

Inbound trade programs are an integral part of the Government’s broader trade agenda. Throughout the year, we deliver a number of inbound trade missions that welcome key existing and potential investment, trade and government partners to Victoria for organised activities and events designed to maximize the outcomes of their visit.

The objectives of the program are to:

• establish valuable long-term relationships with business leaders from around the world

• introduce Victorian companies who are either new to export or interested in exporting, to international business opportunities

• showcase our industry capability and introduce Victorian companies, including regional and rural and SMEs to international buyers and investors

Some recent examples include:

• Food and Beverage Trade Week October 2016

• International Mining and Resources Conference (IMARC) Inbound Trade Mission – November 2016

• BOAO Forum for Asia – December 2016

• AusBiotech – October 2016

• State of Nevada Water Delegation – July 2016

• Creative industries in-bound mission coinciding with Asia-Pacific Triennial of Performing Arts (AsiaTOPA) – March 2017

Hon Wade Noonan, Minister for Resources, speaking at IMARC, November 2016

The Victorian Invitation Program (inbound trade missions)

Our hallmark inbound trade program, Victoria Invitation Program (VIP) marks a shift in how we connect with the world. The VIP targets large numbers of senior overseas buyers, investors and influencers to explore first hand new possibilities and partnerships with Victorian organisations.

With so much to offer, our focus is on building enduring links with key economic partners and emphasising opportunities for collaboration.

Through our hallmark inbound trade mission program we organise networking and industry events to help open up new trade and investment opportunities.

Our program includes:

• whole of mission events – with a strong networking focus to profile Victoria

• industry streams – to showcase specific sector capabilities through forums, roundtables and site visits to potential business opportunities

• individual programs and tailored business matching – connecting international delegates’ business needs to commercial opportunities and outcomes

For more information visit the Victorian Invitation Program website

Globally connect overseas Victoria’s highly successful outbound trade mission program remains critical to our investment and trade agenda. Travel with us overseas to negotiate trade deals in new markets. Grow your business through our range of events worldwide or use our Victorian Government Trade and Investment network – and staff of trade experts – to help you close your next trade deal.

Victoria has led Australia in its approach to international engagement and trade, built around a successful outbound trade mission program.

These trade missions have raised Victoria’s international profile, acquired new export skills for Victorian businesses and have established a foundation for deeper relationships to develop. Importantly, these missions have increased the flow of investment back into Victoria and generated millions of dollars of new export sales for our companies, it’s why we are now redoubling our efforts to provide Victorian businesses with targeted outbound trade mission opportunities.

Our international programs focus on industries that are geared for significant growth. Trade missions provide Victorian firms with opportunities to collectively visit markets to meet with prospective buyers and extend thier networks.

We also promote the capabilities of Victorian industries to drive more meaningful business interactions and help open doors to customers that would usually be difficult to access.

International trade missions and programs coordinated by Trade Victoria in 2017 included:

• Gulfood 2017 in Dubai in February 2017

• Game Developers Conference in the USA in March 2017

• FOODEX Japan in March 2017

• Sport Technology Mission to USA in March 2017

• Health Infrastructure to Singapore in March 2017

• Australia-China Biotech Investment Conference in March 2017

• English Language Mission to Latin America in March 2017

• Trade Mission to Food and Hotel Indonesia in April 2017

• SIAL China in May 2017

• Fintech Mission to the USA in May 2017

• CommunicAsia 2017 in May 2017

• Regenerative Medicine Mission to Japan in May 2017

• Mission to London Tech Week in June 2017

• BIO 2017 to the USA in June 2017

For more information visit the Outbound trade mission program website

Hon Martin Foley, Minister for Creative Industries, with digital games mission participants, Lisy Kane, Mathew Clarke, Simon Joslin, USA March 2017.

32 GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT

Supporting you to access market opportunitiesWe partner with you to plan and execute your entry or expansion in international markets.

The Access Program

The Access Program offers facilities, export-related assistance and in-country expertise through the network of 20 international offices located throughout Asia, the Americas, Europe and the Middle East.

The program supports around 500 Victorian companies a year to commence or expand operations in international markets generating around $300 million in exports.

Companies can work with our in–market trade and investments staff to:

• forge new relationships with partners and identify international business opportunities.

• market and sell products and services more effectively.

• understand inside business and cultural practices including logistics and exporting procedures.

The Access Program is used by companies across many industry sectors, with highest usage in food, digital, education, professional services, retail, manufacturing, medical technologies and pharmaceuticals sectors.

Companies can use the program in conjunction with other trade programs, such as inbound and outbound trade missions, to obtain more in-depth knowledge of new markets and business practices, deepen relationships that have been forged, and pursue business opportunities.

Market Access Barriers

We work with industry, the Federal Government and other partners worldwide, to help maintain markets and gain access to add new markets across the globe.

One way we do this is by advocating for Victorian industry priorities in upcoming trade agreements and the negotiations, leveraging close relationships with Federal Government and influential partners in international markets.

We also look closely at finalised trade agreements and protocols to understand where and when opportunities will open up. When they do, we support training to help Victorian businesses utilise them, and we deliver a range of trade-related activities to help capitalise on new opportunities.

We also maintain strong biosecurity systems to keep export pathways open, and support industry-based programs to drive high-quality, clean and quarantine compliant products.

Case StudyGekko Systems

Gekko Systems Pty Ltd was founded in 1996, and is now a global player in the mining equipment and technical services sector. Headquartered in Ballarat, the company employs more than 120 people.

Gaining access to a range of export markets is critical to Gekko Systems, as exports account for approximately 80 per cent of the company’s sales. The company’s equipment is operated in more than 400 installations in 43 countries.

Gekko Systems took part in a trade mission to ExpoMin 2016 in Santiago, Chile. Supported by the Victorian Government Business Office in San Francisco, the trade mission helped Gekko Systems and other Victorian companies to expand into the South American market.

ExpoMin is one of the world’s most important mining exhibitions and is the largest industry event for mining in South America. For many years, it has been the first step for Australian companies to learn about and enter the South American market.

By exhibiting at ExpoMin, Gekko Systems was able to meet mining executives, specialised distributors, and potential commercial partners and customers from the region.

Nigel Grigg, Business Development Manager at Gekko Systems, said that the trade mission was very successful and significantly advanced his company’s prospects in the South American market.

“Over the next year we expect to increase sales as a direct result of participating in this Trade Mission,” said Nigel. “We were able to develop new networks and contacts in the major mining companies and also reinforce existing contacts.”

“We also learnt about the current state of the mining market in Chile and the Andes region in general.”

“In regards to Chile, we are working with a couple of smaller companies and have recently sold a small modular plant and a small InLine Leach Reactor into the country,” said Nigel. “We are working extensively with companies in Colombia and Ecuador at the moment. So most of our South American focus is on these countries.”

GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT34

Export awardsWinning an award can help you grow your business and boost your international reputation. International buyers see an award from the Governor of Victoria as a stamp of approval – money can’t buy that kind of credibility.

Governor of Victoria Export Awards

Now in their 38th year, the Governor of Victoria Export Awards reward Victoria’s most successful and innovative exporters.

Covering 15 categories, including 12 national award categories, the awards are open to all Victorian exporters, regardless of business size or total export sales.

GOVEA award categories are: Agribusiness, Business Services, Creative Industries, Digital Technologies, e-commerce, Education and Training, Environmental Solutions, Health and Biotechnology, Manufacturing, Minerals, Energy and Related Services, Regional Exporter, Small Business, Victorian Exporter of the Year, Victorian Export Award for Innovation Excellence, and Victorian Women in International Business Award.

A Governor of Victoria Export Award can help boost brand profile and reputation internationally.

The Governor of Victoria Export Awards is part of the Federal Government’s Australian Export Awards program. Category winners of the Governor’s award automatically qualify for the Australian Export Awards, where they compete against other state and territory winners for the Australian title.

In the past four years, Victorian businesses have exclusively won the Australian Exporter of the Year Award – Envato (2016), ANCA (2015), GP Graders (2014) and RightShip (2013).

GOVEA applications open mid year. To apply visit the Governor of Victoria Export Awards website

Case StudyEnvato

With Envato Market and Envato Elements, Envato enables people all around the world to buy and sell digital assets, including website themes, graphics, video, audio, photography and more.

Founded in 2006, the company’s revenue is more than USD $50 million per year, with exports accounting for the vast majority of revenue.

Envato won the 2016 Governor of Victoria Export Awards in the Digital Technologies category and went on to win the overall Australian Exporter of the Year.

Ben Chan, Envato’s Chief Commercial Officer, said that the company has realised many benefits as a result of their success at the awards.

“We always knew we had a strong international focus in both our author and customer communities – with customers in almost 200 countries and authors in more than 100 – but winning the award helped solidify and confirm this,” said Ben.

“Winning the award brought with it a great sense of achievement; there was a buzz around the company that we’d won something so significant.”

“From an internal staff motivation perspective, the award and the recognition therein have been incredible.”

“Likewise, the attracting of staff to the company has been aided by being able to better showcase what Envato is about and just how significant a player we are on the international stage,” Ben said.

“It’s helped give us the confidence and determination to further develop and enhance our internationalisation programs.”

36 GLOBALLY CONNECTED VICTORIA’S TRADE STATEMENT

Victorian Government programsA range of strategies, programs and agencies support and complement the delivery of Globally Connected:

Trade Victoria Trade Victoria’s events, Trade Missions and programs support businesses to expand their export potential with international markets. For more information visit the Trade Victoria website

Invest Victoria Invest Victoria is Victoria’s investment promotion agency providing free professional advice and services to international investors. For more information visit the Invest Victoria website

Premier’s Jobs and Investment Fund

The $558 million Premier’s Jobs and Investment Fund supports strategic investments that underpin high-quality, sustainable jobs throughout Victoria.

Regional Jobs and Infrastructure Fund

The $500 million Regional Jobs and Infrastructure Fund is providing funding for targeted regional infrastructure, jobs and community projects. For more information visit the Regional Development Victoria website

Agriculture Infrastructure and Jobs Fund

The $200 million Agriculture Infrastructure and Jobs Fund will drive growth, create jobs and boost exports from paddock to port. For more information visit the Agriculture Victoria website

Future Industries Fund

Launched in 2016, the $273 million Future Industries Fund is a key component of the Victorian Government’s integrated approach to driving jobs, exports and investment growth. For more information visit the Business Victoria website

Creative State With more than $115 million in new funding, Creative State is designed to grow Victoria’s $23 billion creative and cultural economy, create new jobs and employment opportunities, and bring social and cultural benefit to Victorians. For more information visit the Creative Victoria website

Victorian Visitor Economy Strategy

The Victorian Visitor Economy Strategy is the Government’s blueprint to guide the development of the Visitor Economy. For more information visit DEDJTR’s website

International Education Sector Strategy

Expanding Victoria’s largest services export industry. For more information visit the Your Say website

Medical Technology and Pharmaceutical Sector Strategy

Research and development, manufacturing, clinical trials and exports in our health sector. For more information visit DEDJTR’s website

China Strategy Victoria’s New China Strategy: Partnerships for Prosperity sets a clear vision to make Victoria China’s trade and investment gateway to Australia. It will strengthen economic and cultural ties with our largest trading partner. For more information visit the China Strategy website

Victoria’s International Health Strategy 2016 – 2020

The International Health Strategy 2016 – 2020: Partnering for a healthy and prosperous future is designed to create significant economic benefit through global leadership in health and aged care, health education and research. For more information visit the International Health Strategy website

References 1. Based on National Institute of Economic

and Industry Research data, 2016

2. Victorian Food and Fibre Export Report 2015-16 For more information visit the Agriculture Victoria website

3. Based on National Institute of Economic and Industry Research data estimates, 2016

4. PwC (2017) The Long View – How will the global economic order change by 2050? For more information visit the PWC website

5. [1] IMF World Economic Outlook Database April 2017 [2] PwC (2017) [2] The Long View – How will the global economic order change by 2050? For more information visit the PWC website

6. [1] ANZ Banking Group, PwC and Asialink Business (2015) Australia’s Jobs Future: The rise of Asia and the services opportunity For more information visit the Asia Link Business website [2]Asialink Business (2016) Growing Knowledge Economies: Insights for Professional Services in Asia For more information visit the Asia Link Business website

7. Deloitte (2015) 2015 health care outlook – Japan For more information visit the Deloitte website

8. Research commissioned by DEDJTR

9. PwC (2014) Passing Us By – Why Australian businesses are missing the Asian opportunity. And what they can do about it. For more information visit the PWC website

10. [1] Asialink Business (2014) Engaging Asia: Challenges for Australian Businesses For more information visit the Asia Link Business website

11. WTO Statistical data 2017 and UNCTADstat 2017

12. 5220.0 - Australian National Accounts: State Accounts, 2015-16

13. Mckinsey (2016) Digital globalisation – the new era of global flows For more information visit the McKinsey website

14. Deloitte (2016) Connected Small Business 2016. For more information visit the Deloitte website

15. McKinsey (2017) Reimagining e-commerce for south-east Asia For more information visit the McKinsey website

16. McKinsey (2017) How blockchains could change the world For more information visit the McKinsey website

17. McKinsey (2015) The Internet of Things: Mapping the value beyond the hype For more information visit the McKinsey website

Published by Department of Economic Development, Jobs, Transport and Resources 1 Spring Street Melbourne, Victoria 3000 Telephone (03) 9208 3799

August 2017

© Copyright State Government of Victoria 2017 This publication is copyright. No part may be reproduced by any process except in accordance with provisions of the Copyright Act 1968.

Authorised by the Victorian Government, Melbourne.

Printed by Finsbury Green

Designed by DEDJTR Design Studio

ISBN 978-1-925629-81-1 (Print) ISBN 978-1-925629-80-4 (pdf/online)

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