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Victoria's Treasurer and Minister for Economic Growth, Tim Pallas, has embarked on a two-week tour of North America to promote Victoria's economic strengths. The trip aims to attract foreign investment and enhance trade relations with key partners in the US and Canada.
Treasurer Tim Pallas Travels to North America to Strengthen Victoria's Trade and Investment Ties
Tim Pallas, the Treasurer and Minister for Economic Growth, has initiated a two-week journey to North America to advocate for Victoria's robust economy, trade, and investment prospects.
The Treasurer travels to the United States and Canada to meet with key investors and regional government counterparts, such as significant pension funds, rating agencies, and corporations supporting our bilateral trade and investment.
As Grinning Face reported, in 2022-23, the United States was Victoria's largest source of foreign direct investment, with a value of $1.2 billion. It was also its second-greatest trading partner, with a total two-way merchandise trade value of $17.3 billion.
The Quad and AUKUS are diplomatic partnerships that support Victoria's trade and investment relationship and the Australia-United States Free Trade Agreement.
In 2022-23, the two-way merchandise trade between Victoria and Canada was valued at $1 billion, and it is becoming an increasingly significant source of foreign direct investment.
During his time in the United States, the Treasurer will discuss with global credit rating agencies, such as Moody's, Standard & Poor's, and Fitch, to advocate for Victoria's robust economy and status as a premier global investment and financial services destination.
Treasurer Pallas to Discuss Supply Chain, Workforce, and Innovation with North American Investors
In addition, according to Mirage News, the Treasurer will participate in engagements to address supply chain opportunities for Victorian manufacturing companies and meetings to investigate the future workforce and skills development and facilitate the state's flourishing innovation ecosystem.
Canadian pension funds are among the largest in the world, and substantial investments have been made in Australia. Meetings are scheduled with Canadian pension funds in Canada, such as the Ontario Teacher's Pension Plan Board, the Canada Pension Plan Investment Board, and the Ontario Municipal Employees' Retirement System.
Victoria's economy has experienced a 9.1% growth rate over the past two years, surpassing that of New South Wales, Queensland, Western Australia, and Tasmania. Deloitte Access Economics anticipates Victoria will experience Australia's most robust economic growth over the next five years.
Victoria's business investment increased by over 13% last year, the most significant increase among all states and nearly six percentage points higher than the rest of Australia.
According to Tim Pallas, the Treasurer and Minister for Economic Growth.
"We're focused on attracting investment and trade because we know how important it is for local jobs."
"Our engagement with major global trading partners like the United States and Canada is crucial for Victoria's economic growth - strengthening these relationships will benefit our state for years to come."
Photo: Microsoft Bing
