26 September 2023

Economic strategy to attract investments

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The Department of Economic Development, Jobs, Transport and Resources (DEDJTR) is to adopt a new international investment strategy to attract overseas companies to start up business in Victoria.

Announced by the Minister for Economic Development, Tim Pallas, the International Investment Strategy will be focused on attracting global companies from emerging and growth industries.

“The market for international investment capital is more competitive than ever, and this strategy will keep Victoria ahead of the pack,” Mr Pallas said.

“It will connect foreign investors and global companies with our priority precincts and thriving regions,” he said.

“[The strategy will] leverage the skills and expertise of businesses right around the world to play a role in priorities such as major infrastructure, waste management and decarbonisation.”

Mr Pallas said the strategy identified five key foreign direct investment priorities: digital technology; advanced manufacturing; health and life sciences; agri-food; and new energy and emissions reduction.

“We’re leading the country when it comes to foreign investment and attracting big businesses from right around the world to set up shop here – and we want it to stay that way,” he said.

“This landmark blueprint is about doing what we do best – selling our state’s strengths to attract businesses and create Victorian jobs.”

Mr Pallas also announced Jackie Fairley as Chair of the inaugural Invest Victoria board, to be joined the Vice-Chancellor of Monash University, Margaret Gardner, investment banker John Wylie and former Federal Government Minister, Greg Combet.

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