Victoria is the second largest state economy in Australia with a share of about 23% (valued at AUD 424 billion, USD 284 billion) in the overall GDP of Australia in 2018.37 The state houses about 6.6 million people, which constitutes 26% of the total population. Victoria has earned the reputation of a cosmopolitan state globally, housing most number of international offices of global companies compared to any other state in Australia.40 Melbourne, Geelong, Ballarat and Bendigo have emerged as regional centres in the state.
The state has identified 12 sectors as priority sectors namely construction technologies; creative industries; defence technologies; digital technologies; international education; food & fibre; medical technologies and pharmaceuticals; professional services; retail, transport distribution and logistics; space technologies and visitor economy.
The state of Victoria is home to the largest Indian population amongst all states in Australia. The state government has developed a structured approach towards building its relationship with India through the “Victoria India Strategy”. The approach undertaken to build this relationship is broadly structured as follows41:
The state has also entered into sister state arrangements with Indian states such as Maharashtra, Karnataka, Kerala, Telangana, Andhra Pradesh, Tamil Nadu and Delhi NCR.
40 Victoria’s Trade Statement, Department of Economic Development, Jobs, Transport and Resources, 2017
41 Victoria’s India Strategy: Our Shared Future, Victoria State Government