Victoria has signed a Memorandum of Understanding (MoU) with Brazil’s largest state, São Paulo on 1 October, as part of the Andrews Labour Government’s trade and investment strategy for Latin America.
“The State of São Paulo is the third largest consumer market in Latin America and this MoU will enable Victorian companies to use São Paulo as a landing pad to enter Brazil, the world’s ninth largest economy,” says Martin Pakula, Minister for Jobs, Innovation and Trade.
Two-way trade between Victoria and Brazil was valued at $322 million in 2018 and merchandise exports grew 14 per cent between 2016 and 2018.
Victoria and São Paulo will collaborate on opening new trade pathways, investment, education and flight connectivity according to the agreement.
“We’re strengthening ties with Latin America to drive more trade and investment and create jobs for locals as well as opening the door to even more tourism opportunities between our two nations,” Martin says.
An increasing number of Victorian companies have established a presence in Brazil according to a government press release. Cotton On, Carsales, Nufarm, Gekko, Seek, Systems and Orica have shifted into the Brazilian market and opportunity will increase for more due to the MoU.
The Andrews Labour Government committed to doubling goods exports, student numbers and visitors over 10 years in 2018 when it released the trade and investment strategy.