The Melbourne Cup is currently on a road trip to the Middle East and Turkey, the Minister for Small Business, Innovation and Trade, Adem Somyurek announced recently that the Cup will be displayed at the Put Victoria On Your Table event in Dubai on 8 February and a business networking reception in Istanbul, Turkey, on 11 February. Running from 8-12 February 2015, the trade mission will include more than 130 delegates representing over 80 Victorian companies and will visit the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar and Turkey.
“Trade missions such as this one to the Middle East, are an opportunity to introduce hundreds of Victorian companies to important international markets and drive billions of dollars in additional exports from our state.” Mr Somyurek commented.
Somyurek explained that in 2013-14, the value of Victoria’s exports reached a record high of $37.5 billion, comprising more than $24 billion in goods and $13.4 billion in services exports. And over the last decade, Victoria’s overall exports grew from $26.2 billion in 2003-04 to $37.5 billion representing more than 40 per cent in nominal terms.
“This mission will give participating companies from sectors such as agribusiness, food and beverage, education, equine, fashion and sustainable urban development an invaluable first-hand understanding of local market dynamics and the opportunity to create and strengthen trade and investment connections and partnerships.” Mr Somyurek commented.
Mr Somyurek pointed that the Middle East market is one of Victoria’s largest export destinations, with exports of more than $2.9 billion in 2013-14 – greater than India and Japan/Korea. Somyurek added that Turkey is predicted to be the second-fastest growing economy in the world by 2017. As the Turkish economy becomes more outward looking and increasingly international, there is a significant opportunity for deepening trade with Victorian companies and institutions.