Photo: ie.com.au

Minister for Small Business, Innovation and Trade, Philip Dalidakis announced the new VGBO as part of a six day mission to Latin America that also focused on building investment opportunities in the region.

Giving Victoria a stronger on-the-ground presence will allow the Andrews Labor Government to take advantage of the new and emerging opportunities in the growing region.

Currently, Victoria’s relationship with Latin America is dominated by service-based trade, with international education and resources, technology and equipment all playing an important role in export revenue for the state.

Two-way merchandise trade between Chile and Victoria was worth $171 million in 2015-16. The four key markets in Latin America – Chile, Argentina, Mexico and Brazil – were valued at $1.68 billion over the same period.

During his visit, Mr Dalidakis also met with a number of companies in the key growth sectors of manufacturing, technology, finance and agriculture including Nissan Mexico, Fundacion Chile and the Gruma Corporation.

Victoria currently has the largest global network of trade and investment offices of any Australian state government, with an existing network of 18 offices and more than 80 staff in operation across the globe.

The Latin American office is one of the three new offices the Labor Government is opening to extend our global reach into new markets.

The Victorian Budget 2016/17 provided an additional $66 million boost to the international network over the next four years.

Victoria will also seek to further strengthen its growing relationship with Chile later this year when it hosts the biennial Australia-Chile Economic Leadership Forum (ACELF) from 5-6 December.