Victorian Treasurer Tim Pallas has met with leading business figures in the United Arab Emirates (UAE) to discuss new investment opportunities.
He held high level talks with a number of investment entities in the UAE. A business round table was also hosted with key business sectors and potential investors.
The Treasurer outlined Victoria’s infrastructure and economic development agenda, and the challenges and opportunities presented in planning for growth.
“The visit has allowed me to highlight Victoria’s strong economic and budgetary position, and that Victoria is a place where things are indeed happening,” said the Treasurer.
“It has been a tremendous opportunity to provide insight and confidence to international investors looking to Victoria as a place to invest.”
Middle East based companies are increasingly interested in investing in Victoria, with specific investment opportunities in the tourism and hospitality sectors.
With the highest population growth rate in Australia, Melbourne is projected to become Australia’s most populous city. The state is now embarking on an extensive infrastructure program that has seen the Victorian Government announce it has committed A$22 billion in new infrastructure projects that will also appeal to international investors.
The UAE is Victoria’s largest trading partner in the Middle East and North Africa region, with two-way trade between the UAE and Victoria valued at over A$1.2 billion, of which A$799 million is Victorian exports.
Victoria’s top exports to the UAE are passenger motor vehicles and food products. Major imports include crude petroleum and fertilisers.
The UAE is also an important partner for services, particularly airlines services with Emirates Airline, Etihad Airways, Qatar Airways and QANTAS currently flying between Victoria and the UAE.
Investment into Victoria from the Middle East is supported by the Victorian Government Business Office in Dubai, which provides assistance to companies sourcing products and services, business introductions and strategic investment opportunities with the state.
Victoria was also the first State Government in Australia to open an office in the region, with the Victorian Government Business Office operating in the UAE since 1997.