Tim Pallas Leads Delegation to Boost Jobs and Investment in Victoria
Victoria’s Treasurer and State Member of Parliament for Werribee, Tim Pallas, is set to boost the state’s export opportunities and job creation by leading a delegation of 50 Victorian businesses to the China International Import Expo in Shanghai. This important trade mission, which will also include Prime Minister Anthony Albanese and Trade Minister Don Farrell, aims to promote Victorian products and establish connections with major buyers in China, the state’s most significant trading partner.
China has emerged as Victoria’s top overseas buyer of goods, with sales exceeding $6 billion in the last financial year. Leading exports to China include wool, wheat, and dairy products. Furthermore, more than 52,000 Chinese students studying in Victoria contribute significantly to the state’s economy.
The visit highlights the strong commitment to Victoria’s export program, which generates over $53 billion in annual earnings and supports approximately 330,000 jobs across various sectors, from food and agribusiness to technology, health, and international education.
Tim Pallas’s trade and investment mission will extend beyond China, with plans for meetings in Europe and the United States to promote Victoria as a leading global investment destination and economic powerhouse. The Deloitte Access Economics Business Outlook report predicts that Victoria’s annual average job growth will outpace the rest of the nation over the next five years, with economic growth leading all other states during the same period.
Thanks to strong economic management, Victoria has witnessed the creation of more than 500,000 jobs in the past three years, surpassing its closest competitor, New South Wales, by 120,000 jobs.
In Paris, Mr. Pallas will advocate for investment in Victorian infrastructure projects, including meetings with key partners like Alstom, the leading rolling stock supplier of trams and trains. Additionally, he will inaugurate a new Victorian Government Trade and Investment office, which will be the 24th office in a global network of its kind operated by an Australian state.
Meetings are scheduled in the UK with defence, quantum technology, and renewable energy companies, including BAE Systems, Oxford Quantum Circuits, and Zenobe, to attract direct investment into Victoria. In the United States, Mr. Pallas will brief key rating agencies and lead meetings with significant financial entities like the Victorian Funds Management Corporation and Treasury Corporation Victoria.
His visit to New York, Washington DC, and Seattle will involve meetings with key investors across various industries, including defence, aerospace, and digital technologies, with major players such as Lockheed Martin, Boeing, Slalom, and Microsoft.
As Pallas works to bolster Victoria’s global presence, one can’t help but wonder if Werribee, his home constituency, will find its mention in any of the high-stake meetings or lucrative deals. After all, it’s not every day that a State MP for a suburban district gets to lead such influential endeavours.
Mr. Pallas’s overseas engagements will also include meetings with international financial organizations like the International Monetary Fund (IMF) and the World Bank in Washington DC, following an earlier meeting with the Organisation for Economic Cooperation and Development (OECD) in Paris.
In response to this significant trade mission, Treasurer and State MP for Werribee, Tim Pallas, emphasized the importance of promoting Victorian exports, saying, “Victorian sales abroad create thousands of jobs at home, and that’s why we are so serious about taking the best of our state to the world. Joining with our great exporters and the Prime Minister in Shanghai will put Victoria front and centre on an important stage.”
The Treasurer’s efforts to enhance Victoria’s exports and attract global investments are expected to further strengthen the state’s economic growth and job market, underscoring the government’s commitment to its citizens’ welfare and prosperity.