Victoria’s investment attraction agency, Invest Victoria, has crunched the state’s overseas investment and export numbers. Photo: File.
A new report authored by Victoria’s investment attraction agency has found the state is the leading Australian investment destination for advanced manufacturing products and agri‑food.
The nation-leading figures were $588 million in foreign direct investment in advanced manufacturing products and $202 million in agri-food investment in the 2022-23 financial year.
Data from global investment consultant fDi Markets revealed Victoria attracted an overall $4.3 billion in overseas investment from 43 unique investors last financial year.
Of these new investments, 29 were first-time investors, while a further 14 expanded their existing presence in Victoria, creating a total of more than 2500 new jobs.
About 300 new full-time roles alone were created through the expansion of Microsoft’s Melbourne-based data centre, also known as one of its Azure Availability Zones.
Invest Victoria also conducted 48 trade missions and helped more than 645 Victorian companies trade in global markets, generating more than $700 million in export sales.
International education represented the state’s highest value services export, generating $8.4 billion in revenue last financial year and supporting more than 40,000 jobs across Victoria.
Melbourne, where the University of Melbourne and other universities are located, was ranked the best student city in Australia and fourth best in the world in this year’s QS Best Student City index.
“Our strong relationships across industry and global networks continue to support Victorian businesses and attract global investors to our state,” Invest Victoria CEO Danni Jarrett said.
Victorian Economic Growth Minister Tim Pallas agreed.
“By actively pursuing trade and investment opportunities it shows the world that Victoria is a great place to do business – and that creates jobs,” he said.
“We’ll keep moving forward and supporting Victorian businesses and workers because it keeps communities strong and the state growing.”
The 2023-24 Victorian Budget committed a further $20 million to the International Investment Attraction Fund and a further $12 million to the Boosting Victorian Exports program.
