Victoria’s China Strategy: For a New Golden Era

Victoria is an old friend of China.

The first Chinese migrants arrived in Victoria during the gold rushes of the 1800s – many coming to my own hometown of Bendigo, and Victoria’s goldfields.

Every corner of our State has been shaped and influenced by Chinese Victorian families and businesses.

Today, China is one of Victoria’s most valued partners.

When I announced that Victoria would be developing a new China Strategy in the 2024 Economic Growth Statement, the reason was simple – it’s for our future.

Strengthening and deepening Victoria’s relationship with China delivers jobs, growth and stability.

Our shared strengths across areas such as education, innovation, and agriculture make our two regions perfect partners.

Yet, our connection to China is so much more than just trade – it’s about trust. That trust is built on people.

Victoria is proud to be home to one of Australia’s largest Chinese communities.

Victoria must always be a place where Chinese migrants, students, and visitors feel welcomed and appreciated. That’s what I stand for.

This Strategy recognises the special role Chinese Victorians have played in the life of our State.

It also recognises the many paths Victoria and China can take together for our shared future.

With new opportunities for collaboration identified in partnership with industry and community, this Strategy will deliver real results for Victoria and China alike. Our goal is to become the go-to international partner for Chinese business and industry, supported by our two sister-state relationships with Jiangsu and Sichuan Province.

Victoria: the destination of choice to visit, learn, innovate and invest.

That’s the next chapter in our journey. Together, we’ll share in the success.

Victoria has always been at the forefront among Australian states in developing relations with China.

Learning with pleasure that the Victorian Government is set to release a new China Strategy, I, as the Consul-General of the People’s Republic of China in Melbourne, would like to extend my warmest congratulations on this good news. I hold high expectations for the future and look forward with great confidence to ever closer cooperation between China and Victoria.

In 2016, the Victorian Government released its China Strategy, which significantly deepened the partnership between Victoria and China. Victoria’s sister-state relationships with Jiangsu and Sichuan continue to flourish, while city-to-city cooperation, showcased by Melbourne’s collaboration with Tianjin, Nanjing, and Chengdu, is also thriving.

China has remained Victoria’s largest trading partner for many years, accounting for around one quarter of Victoria’s total international trade. China is also Victoria’s largest international tourism market and source of international students. Over 400,000 Chinese tourists visited Victoria between April 2024 and March 2025, and more than 60,000 Chinese students pursued their studies across the State. Moreover, the vibrant Chinese community of around 450,000 people has made a significant contribution to Victoria’s economic, social, and cultural development, serving as a vital bridge for promoting exchanges and cooperation between Victoria and China.

China is steadily advancing its Chinese modernisation, promoting high-quality development, accelerating the development of new quality productivity, and promoting high-level opening-up. These new developments will bring fresh and continuous impetus to cooperation between China and Victoria, and the launch of the new Victorian China Strategy is an opportunity to further strengthen cooperation with Victoria. With a more proactive and open attitude, we will extend the list of mutually beneficial cooperation, expand the pie of complementary strengths, and enable cooperation to deliver more fruitful and accessible benefit to both peoples.

The hope of the China-Australia relationship lies in the people, its foundation is in our societies, its future depends on the youth, and its vitality comes from exchanges at subnational levels. Subnational cooperation is an integral part of the China-Australia Comprehensive Strategic Partnership and plays a vital role in promoting bilateral relations. At present, thanks to the joint efforts of China and Australia, the relationship between the two countries maintains a positive momentum of improvement and development. This creates a favourable environment for cooperation between China and Victoria, while the deepening of China-Victoria relations will, in turn, provide greater impetus for the further development of China-Australia relations.

I am convinced that the successful implementation of this new China Strategy will elevate Victoria’s cooperation with China to a new high, and we will see more opportunities and successes of such joint endeavour. My colleagues at the Consulate-General and I myself will work tirelessly to forge ahead the sustained growth of Victoria’s collaboration with China!

Victoria’s China Strategy: For a New Golden Era sets a clear direction for advancing one of our State’s most strategically significant international relationships.

It recognises both the depth of Victoria’s long-standing engagement with China and the importance of ensuring this connection continues to serve our long-term economic, social and policy interests.

Our ties are well established, underpinned by sister-state relationships with Jiangsu and Sichuan and supported by five dedicated Victorian Government Trade and Investment offices in-country. This presence reflects one of the most extensive subnational footprints in the region, underscoring a clear commitment to sustained on-the-ground engagement. Having recently commenced my term as Victoria’s Commissioner to Greater China, I am proud to lead this network and implement a Strategy that will deepen sectoral ties, strengthen collaboration, and deliver meaningful outcomes.

The Strategy targets areas where Victoria holds a distinct competitive advantage, including agribusiness, education, health and life sciences, clean energy, and creative industries. It provides a practical roadmap for boosting trade and investment, expanding partnerships, and positioning Victoria to seize opportunities emerging across a rapidly changing regional landscape.

I look forward to working with our partners across government, industry and the community to realise this vision and reinforce Victoria’s reputation as a confident, capable and globally connected State.

Victoria’s China Strategy: For a New Golden Era renews Victoria’s friendship with China for the future. It updates Victoria’s framework for deepening our important and long-standing relationship with China in a complex and dynamic global environment.

For the next five years, the Strategy will support Victorian businesses and organisations to expand their reach in China, opening doors for new commercial and people-to-people ties, and ensure Victoria’s diverse strengths are showcased and leveraged in-market. Victoria is already a national leader and destination for meaningful engagement with China.

Victoria will build on that status and continue to strengthen our reputation as a preferred destination for Chinese visitors, students, researchers, and investors, while deepening our engagement with Victoria’s Chinese community.

Looking to the future, our partnerships across industry, community, and government align with Victoria’s long-term goals of innovation, productivity, and economic prosperity.

Above all, given the strength and leadership of the Chinese diaspora in Victoria, our approach will be community-focused, ensuring that benefits flow to local communities, support job creation, and reflect the diversity and values of all Victorians.

The Strategy aims to deepen our relationship with China across our areas of mutual strength to achieve the following:

Our vision

Our values

Victoria’s relationship with China is significant and our 2016 China Strategy successfully positioned Victoria as a partner of choice for economic and cultural cooperation. In 2025, this five-year Strategy will turn a new page in our relationship – identifying opportunities for further collaboration.

Victoria and China share long-standing ties that support economic prosperity and the culural richness of our State. Victoria has long recognised China as a key partner in driving economic growth, jobs, and education, and fostering people-to-people ties. China is one of Victoria’s largest trading partners and a key source of international students and visitors.

Victoria is Australia’s most globally connected State, and that is reflected in our large in-market presence with five China-based Trade and Investment Offices. Victoria is also the only Australian State with two sister-state relationships in China. Our relationship with Jiangsu Province is our oldest, while our newest sister-state is Sichuan Province. It reflects a connection with China that is deep, diverse, and evolving.

Our connections have their foundation in our people. Since the first Chinese migrants arrived more than 150 years ago, Victoria has been home to a significant and influential Chinese community. Today, almost a third of Chinese Australians call Victoria home, and make a significant contribution to our economic, social, and cultural landscape.

Our engagement is also guided by Victoria’s commitment to sustainable, inclusive, and innovation-driven economic growth, as outlined in the Economic Growth Statement and the Victorian Industry Policy. These foundational policies set clear priorities: boosting productivity through advanced manufacturing and clean energy, supporting workforce development and skills transition that sets us up for the future, and fostering deeper global connections to drive trade and investment.

Victoria’s China Strategy: For a New Golden Era aligns with these goals by providing a modern framework for our engagement with China.

By targeting our effort in the sectors and regions of existing strength and emerging opportunity, we will build enduring partnerships that support the State’s long-term prosperity, our proud multicultural society, and our competitiveness abroad.

Key Chinese provinces and municipalities

Jiangsu Province

Since 1979, Victoria and Jiangsu Province have enjoyed an enduring sister-state relationship that is the oldest for both states, and which has delivered jobs, trade, and stronger cultural connections. Known for its robust industrial base, high-tech capabilities, and educational institutions, Jiangsu is a major economic hub in China that is home to major corporations and decision-makers, including in the tourism and business events sectors. Jiangsu and Victoria share strengths across education and cultural sectors, with both Melbourne and Jiangsu’s capital of Nanjing recognised as UNESCO Cities of Literature.

Sichuan Province

Sister-states with Victoria since 2016, Sichuan Province has a rapidly growing economy that serves as a gateway to western China. Sichuan has strengths in agriculture and technology, and is also the focus of China’s growing creative sector. Its capital, Chengdu, is home to over 7,000 gaming companies, including Perfect World, IGG, Qingci Games and Tencent. In 2022, the revenue of Chengdu’s gaming and associated industries reached A$12.5 billion, accounting for one-eighth of China’s total. Chengdu is also the heart of the Chinese animated film industry and was most recently known for the film Ne Zha 2, which became the highest grossing animated film of all time. Chengdu’s cultural and sporting offerings are globally recognised: the first Chinese city to host the World Games, the host of the Australian Open Asia-Pacific Wildcard Play-off, and it is one of UNESCO’s Cities of Gastronomy, alongside Bendigo.

Shanghai Municipality

Our action areas: Agribusiness; Creative industries and sport; Education; Visitor economy; Innovation and investment.

Shanghai is a global financial and innovation centre with strong international connections. It has long boasted the highest GDP of any Chinese city, the world’s largest container port to facilitate international trade, and hosts the regional headquarters of more than 1,000 multinational corporations. Shanghai continues to strengthen its advanced scientific, research, and technological capabilities, with a large talent pool and significant investments in R&D accelerating technological breakthroughs. Shanghai’s strengths also extend to the creative sector, as home to Design Shanghai, Asia’s leading international design convention.
It is also a UNESCO City of Design, alongside Geelong.

Beijing Municipality

Our action areas: Agribusiness; Education; Visitor economy; Innovation and investment.

In addition to being the heart of Chinese Government and home to eight UNESCO World Heritage Sites, Beijing has a strong focus on innovation, with significant research ties and an established science and technology ecosystem. More than 100 of the largest Chinese companies are based in Beijing, and it has the highest number of Fortune Global 500 companies of any city in the world. Beijing’s economy is supported by a strong professional services industry and fintech sector.

Guangdong Province

Guangdong is the largest province in China by GDP and population, as well as being a global manufacturing and innovation centre. Out of all Chinese provinces, it is the top exporter, second-largest importer, and one of the largest destinations for FDI. It is home to major economic hubs including Guangzhou and Shenzhen, three major ports, and hosts three of China’s six Special Economic Zones (Shantou, Shenzhen, and Zhuhai) that were established to attract greater overseas investment. Guangdong has the highest number of high-tech firms and cultural and education institutions in China and is the country’s largest source of invention patents.

Zhejiang Province

Our action areas: Agribusiness; Health and life sciences; Creative industries and sport; Visitor economy; Innovation and investment.

Zhejiang is the second-largest exporter of Chinese provinces, home to one of China’s largest ports, Ningbo-Zhoushan Port, and the world’s largest small commodities market, Yiwu Market. It is the fourth-largest province by GDP and boasts some of the highest levels of income in China per capita. Zhejiang has a booming creative, sport, and digital economy, including many of China’s high-tech firms such as Alibaba, NetEase, and Hengdian World Studios, and is a national leader in advanced manufacturing and invention patent registrations. It is the second largest importer from Australia and third largest exporter to Australia out of Chinese provinces.

Shandong Province

Our action areas: Agribusiness; Creative industries and sport; Education; Visitor economy; Innovation and investment.

As a major agricultural producer with growing manufacturing and innovation sectors, Shandong is one of China’s economic powerhouses. It is the third-largest province by GDP, second largest by population, and is the location of the major maritime trade hub of Qingdao and leading international businesses such as Tsingtao, Haier, and Hisense. Shandong is a major producer of crude steel and has China’s largest pharmaceutical industry. In the creative sector, Qingdao is often referred to as the ‘home of Chinese cinema’. Shandong also hosts the highest number of health supplement businesses in China, complementing Victorian strengths in the sector.

Chongqing Municipality

Our action areas: Agribusiness; Education.

Chongqing is a major economic centre in China’s western growth corridor and the most populated city in China, which is increasingly attracting FDI from major foreign companies. It has one of China’s largest inland ports along the Yangtze River, and enhancing Chongqing’s trade connectivity has become a national priority, with the municipality featuring in the New International Land-Sea Trade Corridor – an initiative to link western China and Southeast Asia through integrated rail and sea logistics networks. Chongqing has a strong tertiary education sector, with one of the highest number of universities per capita in China.

Victoria is Australia’s largest food and fibre exporter, and a centre for premium food and beverage products. Despite accounting for just three per cent of Australia’s landmass, our innovative and export-oriented agribusiness sector produces more than a quarter of the nation’s food and fibre exports. In 2023-24, Victoria’s total food and fibre exports grew to a record value of $20.1 billion, reaching the 2030 target set out in Strong, Innovative, Sustainable: A New Strategy for Agriculture in Victoria six years ahead of schedule. With the Victorian Industry Policy identifying food manufacturing as a priority sector, the Victorian Government will increase our support for Victorian exporters and innovators to build confidence operating in China and open doors for future collaboration.

China remains Victoria’s largest food and fibre export partner, with exports in this sector reaching almost $5 billion in 2023-24. Exports to China have increased in recent years and the Victorian Government is committed to supporting our producers and exporters to continue this growth.

Victoria works closely with Austrade through its TradeStart program to support our regional producers and exporters, while dedicated Victorian Government trade managers deliver personalised, one-on-one support for regional Victorian businesses to get export ready and extend their global reach.

Victoria is at the forefront of agricultural innovation in Australia, with a strong focus on productivity, sustainability, and global competitiveness. AgTech is also central to Victoria’s strategy to adapt to climate variability and ensure food security. Through targeted funding and programs, the Victorian Government has supported producers to increase the adoption of digital tools, precision agriculture, and farm automation to reduce costs, increase yields, and make data-informed decisions. This includes technologies for water- efficient irrigation, low-emission fertilisers, carbon farming, and soil health monitoring – key to achieving our target of net zero emissions by 2045.

Victoria and China are developing solutions to climate-related agricultural challenges. China’s expertise in AgTech is growing strongly as it seeks to modernise and improve the efficiency and sustainability of food production systems. There are abundant opportunities to partner with Victoria’s world-leading institutions and precincts, including CSIRO’s National Food Innovation Centre, the Monash Food Innovation Centre, and La Trobe University’s AgriBio Centre in Bundoora. Knowledge exchange in climate adaptation strategies, carbon farming, and regenerative practices can further foster mutual prosperity through joint development of smart farming tools, projects in sustainable land and water use, and pilot programs for AgTech solutions.

China’s middle-class consumers are increasingly prioritising fresh and healthy produce, with emphasis on nutritional value, ingredient integrity, and products and brands that favour ethical and sustainable practices. Victoria’s premium product range is ideally equipped to service this demand: from premium and organic produce (including meat, dairy, fruits and seafood) to functional foods (e.g., royal jelly and medicinal honey) to value-added products (e.g., vacuum-packed goods, nutritional formula).The e-commerce market in China accounts for around half the world’s e-commerce sales and shapes industry and consumer behaviour. Major platforms in-market such as Alibaba and JD.com provide direct access to Chinese consumers. Victorian producers are well-positioned to make the most of Victoria’s reputation as a premium producer and AgTech innovator to better access China’s booming online promotional campaigns and direct-to-consumer e-commerce market.

Case Studies

Victoria is a global leader in health and medical research. The Victorian Industry Policy recognises that adopting health and digital technologies is key to easing workforce pressures and improving service delivery across Victoria’s care economy, our largest employing sector. These advances not only support better living standards for a growing and aging population, but also contribute to a more flexible labour market, enabling greater participation in sectors that drive value-add and export growth.

Both Victoria’s Economic Growth Statement and Health and Medical Research Strategy 2022-2032 set out our commitment to continuing to build Victoria’s medical research and health technologies capabilities. This includes through the development of a skilled and diverse workforce, and enhancing partnerships between research institutions and industry to translate research into practical health solutions and commercial opportunities.

Our medical research institutions and universities have long-standing partnerships with Chinese counterparts. Victoria’s health and medical research ecosystem is world-class, and includes the Peter MacCallum Cancer Centre, Hudson Institute of Medical Research, National Ageing Research Institute, Murdoch Children’s Research Institute, Walter and Eliza Hall Institute of Medical Research, and the Peter Doherty Institute for Infection and Immunity. These institutions and other organisations support bold research initiatives that address global health challenges together with Chinese and global partners. Initiatives include sample processing, manufacturing, scientific knowledge exchange, innovation and research collaboration, clinical trials and capability building across infectious diseases prevention, ageing, pandemic preparedness, computational biology, HIV, Hepatitis B, respiratory infections, maternal and child health, aged care, RNA technologies, vaccines, cell therapies, microbiome therapeutics and others.

Victoria has competitive advantages to support the progress of clinical trials for medical product development. In 2023, Chinese companies were responsible for 15 per cent of all global clinical trials. With our robust infrastructure, efficient regulatory processes, research and development tax incentives and diverse patient population, there is a growing opportunity for Victoria to be a partner in these clinical trials. Victoria is known for the high quality and collaborative nature of its health and life sciences sector, and is a competitive location for global export of clinical trials run locally.

Our medical research and health technologies sector is well-placed to deliver high quality products for an international market. Victoria’s $12.7 billion commercial health technology industry employs more than 50,000 highly skilled people. More than 70 per cent of Australia’s top 25 health technology and pharmaceutical companies are based in Victoria, with the sector generating $3.82 billion in exports, including 56 per cent of Australia’s pharmaceutical products. Victoria is also increasingly growing its share of complex products like medical devices.

Victoria is proud to already be home to world-class biomedical facilities and companies including CSL, BioNTech, and Moderna, and a growing number of Chinese startups are actively looking to establish in Victoria. The Melbourne Biomedical Precinct (Parkville) and Monash University innovation precincts are two of Australia’s leading centres of medical research, playing a critical role in driving innovation, improving health outcomes, and contributing significantly to Victoria’s knowledge economy. Victoria’s attractive value proposition in this sector is built on strong regulatory systems and research excellence, diverse industry capabilities, a pipeline of highly skilled workers from world-class universities, and government support for Victoria’s startup ecosystem.

Victoria leads Australia in exports across the Beauty, Wellness and Personal Care (BWPC) sector. Victoria also has a long history of exporting premium ‘Made in Australia’ vitamin and nutritional supplements to discerning Chinese consumers. In 2023, our BWPC exports accounted for over a third of Australia’s total exports in this sector, with China remaining the largest export destination. Major Victorian companies, including Swisse Wellness, Ego Pharmaceuticals, and Life-Space are producing and exporting high-quality and trusted health and beauty products to Chinese consumers.

Case Studies

Victoria is Australia’s creative industries capital. Creative industries contribute more than $40 billion annually to Victoria’s economy, including through exports and cultural tourism, and employ around 9 per cent of the State’s workforce across visual and performing arts, screen, digital games, music, design, architecture, fashion, literature publishing, and more. Creative industries are considered one of the world’s fastest growing sectors and are predicted to account for 10 percent of global GDP before 2030.

China’s creative industries sector is poised for significant growth over the next decade, driven by robust government support, technological advancements, and evolving consumer preferences. China’s entertainment and media industry, including video games and e-sports, is projected to reach almost US$480 billion in total revenue by 2027, and continues to grow faster than the global average. The Chinese box office also routinely breaks records and in 2025, the Chinese animated film Ne Zha 2, created in Victoria’s sister-state of Sichuan Province, became the highest-grossing animated film of all time.

Victoria is a premier destination for film and television. Known for its industry capabilities in visual effects and post-production, our screen sector contributes over $3 billion annually to Victoria’s economy. Docklands Studios Melbourne is a state-of-the-art studio precinct and home to the world’s largest virtual production facility, while the Melbourne International Film Festival is one of the world’s oldest film festivals, showcasing more than 200 films annually, attracting an audience of more than 160,000 in 2024.

Victoria is the Education State. We are home to a world-class education system, from our high-quality schools to vocational training, to globally recognised universities. Melbourne’s reputation as a welcoming and multicultural city with a thriving arts, food, and culture scene has earned us the title of Australia’s best student city.

International education has been Victoria’s largest services export since 2002. In 2024, the sector generated $15.9 billion and included around 330,000 international enrolments in Victoria, of which 64,300 were Chinese international students (almost 30 per cent of Australia’s total Chinese international enrolments). International students also drive significant tourism outcomes for the State, including visitation to regional Victoria.

Our strong in-market presence is also delivering Victorian education across China, including through transnational education (TNE) partnerships with Chinese institutions. As of 2025, Victorian universities and TAFEs share 141 different partnerships with Chinese institutions across 23 provinces and cities, enabling transnational learning, research collaboration, and student and staff exchanges to deliver shared outcomes.

Chinese international students contribute immensely to Victoria’s multicultural and economic life, supporting the local economy, bringing important skills and ideas, giving back to community, and acting as ambassadors for cultural exchange and connection. The Victorian Government has always stood by the Chinese and international student community, from the Stronger Together campaign in 2020, where public landmarks were lit up in solidarity with Chinese communities, to the range of direct support services offered through Study Melbourne.

At the school level, the Victorian Certificate of Education (VCE) is delivered at 23 schools across China, and more than 8,000 students have graduated since delivery commenced in 2003. With nearly 90 per cent of VCE Offshore graduates pursuing further education in Australia, our TNE school programs are a valuable starting point for a lifelong connection between Victoria and China.

China has an increasing demand for work- ready graduates with tangible skills in priority sectors. Victoria’s high-quality universities, vocational education and training ecosystem, and our TNE offerings support Chinese students throughout their studies and as they enter the workforce, whether in Victoria or back home in China. The Victorian Government also supports Victorian education providers to collaborate with Chinese counterparts – whether that is helping to identify appropriate partner institutions, navigating the regulatory process for establishing new programs, or creating the best possible environment for Chinese students coming to study here.

Increasing competition for global talent means Victoria must keep outperforming. Through a 2023 Joint Statement, the Victorian Government is already working with the Chinese Government to improve the environment for our education providers across the school, tertiary, vocational, and international education sectors. We will continue to work hard to keep Victoria as a favoured destination for Chinese students.

Case Studies

Goals and actions

Victoria-China tourism ties help create deeper and more enduring connections between our people. Chinese visitation to Victoria creates lasting benefits, helping to showcase our economic and cultural strengths while inspiring new opportunities for joint business ventures.

China has long been Victoria’s most significant international tourism market. With a population of over 1.4 billion and a growing middle class, China’s demand for international travel is expected to rise more than any other country in coming years. Modern visitors are becoming more discerning, creating growing demand for personalised, flexible, and memorable travel experiences.

In 2024, Chinese visitors spent more in Victoria than visitors from the next six countries combined. By 2029, it is expected that one in every five international overnight visitors to Victoria will be from China, or around 800,000 each year.

It is a demand that has also been recognised by the Commonwealth Government, including through the signings of a Memorandum of Understanding in 2025 with the Chinese Government on tourism cooperation, and between Tourism Australia and Trip.com to promote Australia as a premier tourist destination for Chinese travellers. Through Visit Victoria and our international network, we are committed to expanding this already significant relationship, building on the Experience Victoria 2033 strategy and its long-term vision to cement Victoria as a world leading visitor destination by 2033.

Our well-established air connections with China make it easy to visit friends and family, do business, study at our world class educational institutions, or explore all Victoria has to offer. Seat capacity on direct routes to and from China reached historic heights in 2024 and is set to increase even further. 40 per cent of all flights between Australia and China fly into Melbourne Airport, connecting Victoria directly to nine Chinese cities via 54 weekly flights with nine of China’s largest airlines. In addition to established connections to cities such as Shanghai, Beijing, and Guangzhou, passenger demand for Victoria as a visitor destination is increasing across China, including from Nanjing, Chengdu, and Hangzhou.

The compact diversity of Victoria’s experiences is a key part of our State’s globally recognisable brand. Victoria is a modern, vibrant, multicultural State that is recognised by Chinese visitors for its unique cultural attractions and creative experiences. Across the State, our world class restaurants, natural wonders, wildlife, wineries and produce have long been a drawcard for Chinese visitors, while Melbourne remains Australia’s sporting, cultural, and major events capital. With the Nyaal Banyul Convention and Event Centre in Geelong set to open in 2026 (and serviced by nearby Avalon Airport), regional Victoria is also well placed to support the flow of business events to our State.

Victoria is a hub for business events. The Melbourne Convention Bureau and Visit Victoria, working with partners like Tourism Australia, drive visitation and boost regional economies. Business events serve as a significant channel for attracting Chinese visitors who contribute to regional economic development, knowledge exchange, and long- term investment. Victoria can significantly grow its share of business events and deliver meaningful economic benefits across both metropolitan Melbourne and regionally.

The Victorian Government will continue promoting Victoria’s brand in China to keep raising awareness of our world class tourism offering in a competitive global environment.

Case Studies

Goals and actions

Victoria is open for business. Our economic growth agenda is guided by the Economic Growth Statement and Victorian Industry Policy that outline our State’s strengths, skills, and priorities for future prosperity. To reduce delays and cut red tape, we have created an ‘Investment Front Door’ to ensure a streamlined, single point of entry for investors through Invest Victoria, the Victorian Government’s dedicated investment promotion agency, and an Investment Coordinator General.

Victoria wants more foreign investment in the State’s economy. We are identifying and facilitating targeted investments that fill supply chain gaps and foster the capabilities required for future economies. The $150 million Victorian Investment Fund (VIF) will provide domestic and international investors support to secure business investment that creates jobs, promotes innovation, and underpins Victoria’s long-term economic growth in priority sectors. The Victorian Government also helps Victorian businesses attract and retain talent from around the world through the Global Talent Attraction Fund.

Investment and innovative solutions from global leaders can accelerate Victoria’s response to pressing challenges. This includes supporting Victoria’s net-zero emissions and clean energy targets, which will require us to rapidly innovate across solar, wind, energy storage, and zero emissions vehicles. Attracting investment and capitalising on these opportunities is critical to achieving our goals. Victoria is also leading on key circular economy initiatives, including standardising household recycling, a cash-for- cans scheme, and banning single-use plastics.

China has world-leading capabilities in green technology innovation and manufacturing, with strengths in batteries, solar, wind turbines, and electric vehicles. China is increasingly investing in clean energy technologies for the green economy to position itself as a global leader in climate response, and there are significant opportunities to deepen cooperation. Prospective foreign investors may need to navigate federal regulatory processes, including Australia’s Foreign Investment Framework. The Victorian Government will help investors engage early with the Commonwealth Government for support through this process.

Victorian companies are already collaborating with Chinese counterparts, including through a recent partnership between Melbourne-based Envirostream Australia and Chinese battery manufacturer Hithium Energy to recycle its lithium ion batteries from Lightsource BP’s Woolooga solar farm. Victoria’s clean energy capabilities are supported by world-leading R&D infrastructure and cutting-edge research, including through Deakin University’s Battery Research Innovation Hub, Institute for Frontier Materials, and Hycel Technology Hub; Swinburne University’s Victoria Hydrogen Hub; the University of Melbourne’s Energy Institute; and the Monash Energy Institute.

Victoria is on track to be one of the world’s leading startup hubs within the next five years, with the 2024 Victorian Startup Growth Report showing that Victoria’s startups are now valued at $132 billion. Victoria offers significant opportunities for investment into an established fintech ecosystem of over 330 fintech start-ups, including unicorns such as Judo Capital, MYOB, and PEXA – as well as global fintech companies such as Worldline, Square, Revolut, Stripe, Transfermate, GoCardless, and TradePlus 24.

Our fintech talent pool outperforms other jurisdictions across the region and is one of the most highly educated in Australia, with over 70 per cent of our tech workers holding a bachelor’s degree or higher. HealthTech startups are also thriving in Victoria, operating in one of the world’s largest biotech clusters alongside global companies like Moderna and BioNTech, and successful homegrown companies, such as CSL, PolyNovo, Mesoblast, Clinuvel, and Telix Pharmaceuticals.

China is the fastest growing and most dynamic global market for emerging digital technologies and innovation. Victoria is well positioned to attract Chinese investment in our digital technologies industry, as our economy benefits from a large and growing workforce of highly skilled digital technology professionals, strong business skills, and exceptional innovative problem solvers.

Case Studies