The Andrews Labor Government is working with the Australian British Chamber of Commerce and the British Consulate to help Victorian businesses win new job-generating contracts in the United Kingdom.
Minister for Trade and Investment Tim Pallas today launched Doing Business in the UK – A Guide for Victorian Companies alongside Australian British Chamber of Commerce CEO Ticky Fullerton and UK Consul General in Melbourne Steph Lysaght.
Backed by Global Victoria, the Australian British Chamber of Commerce developed the guide that provides insights into the UK’s regional and sector strengths and tips to break into lucrative markets.
The UK is a growing export partner for Victoria with two-way trade valued at $2.7 billion in 2022. Merchandise exports to the UK jumped by 12 per cent last year following a 26 per cent increase in the preceding 12 months, led by sales in seeds/fruits, perfumery and cosmetics, and meat.
Sales of meat (excluding beef) doubled last year alone and seeds and fruits exports jumped 75 per cent.
With the Australia-UK Free Trade Agreement now in force, Victorian businesses are increasingly looking to the UK for growth and diversification.
Victorian skincare company Ultra Violette is a Victorian export success story that has made an impact in the UK, connecting with key retailers through Global Victoria’s trade missions.
The brand now has 26 products selling in some of the UK’s leading retailers including Cult Beauty, SpaceNK, Net-a-Porter, Harrods and Sephora. The company exports to 20 countries all up.
According to fDi Markets, the UK is Victoria’s second largest source of foreign direct investment. Between 2017 and 2022, 95 UK investment projects in Victoria have generated $4.6 billion in capital expenditure and created almost 7,500 jobs.
Quotes attributable to Minister for Trade and Investment Tim Pallas
“The UK is one of our great trading partners and with strong support Victorian exporters are increasing their footprint year after year.”
“Selling into massive markets like the UK creates jobs at home and that’s why we are backing our exporters.”
Quote attributable to Ultra Violette co-founder Rebecca Jefferd
“The support provided by Global Victoria helped to accelerate our growth in the UK. Global Victoria should be an essential partner in any Victorian business’s export journey.”
Quote attributable to Australian British Chamber of Commerce CEO Ticky Fullerton
“The Australia/UK relationship is flourishing as never before with the new Free Trade Agreement, the AUKUS announcement and the energy transition imperative.”
Reviewed 05 July 2023