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New Office To Drive Investment And Trade With Latin America

24 June 2016

Victoria will open a new trade and investment office in Santiago, Chile later this year in a move that will see our first on-the-ground presence in the Latin American region and fulfil yet another Andrews Labor Government election commitment.

Minister for Small Business Innovation and Trade Philip Dalidakis formally announced the location of the new office following a meeting with a number of Latin American ambassadors in Canberra today, promising to procure a location, staff and open the office by the end of 2016.

Chile was chosen to host the new Victorian Government Business Office as one of the strongest and most open economies in the region with the highest growth and global competitiveness rate.

Trade between Victoria and Latin America generally has more than doubled in the past ten years with a substantial increase of 25 per cent in the last four years alone.

Last year Victoria’s two-way trade with Chile totalled $215 million, with combined two-way trade for Chile, Brazil and Mexico at more than $1.4 billion.

The region is a key growth market for trade and investment with Victoria, particularly in education, mining, water, infrastructure and agribusiness.

International education is Victoria’s biggest service export and has been identified as a huge growth market for the state.

Latin American student enrolments in Victoria increased just over threefold between 2006 and 2013 and are still growing.

Latin America also experienced the world’s highest mining exploration expenditure rise last year, attracting 25 per cent of global expenditure.

Quotes attributable to the Minister for Small Business, Innovation and Trade Philip Dalidakis

“Our new trade and investment office in Chile will provide the on-the-ground support needed to establish a genuine friendship, strengthen the relationship and significantly improve our economic ties across Latin America.”

“There’s a high demand for services and investment, particularly in education and resources, that Victorian businesses can capitalise on – and we’re making sure they have the opportunity to do just that.”

Reviewed 19 August 2020

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