The Globally Competitive pillar focuses on how to maximise the benefits to Victoria from being part of an internationally connected world. Building Victoria’s reputation, providing more support for exporters and developing international connections will allow Victoria to capture the benefits of being internationally competitive through economic growth and productivity.
Just as companies compete in the market for customers, market share, capital, investors and value creation, regions compete for investment, trade in goods and services, tourists and more. Victoria’s position in the world market and level of connection to other countries depends on its competitive and comparative advantages, relative to other jurisdictions. Understanding the unique advantages and characteristics of Victoria and clearly articulating them to a global audience is critical to carving out a spot in the international economy.
Being globally competitive means that Victoria can attract and retain international investment, businesses, skills and people. When these things come to Victoria growth increases, which lifts incomes and living standards. Competitiveness is related to productivity and the ability to produce more output with the same level of input. More productive regions can generate more wealth and greater wellbeing, improving economic stability and resilience.
Competitiveness on a global scale is measured through a vast number of indicators, with the World Bank’s national competitiveness rankings accounting for more than 150 components. Central to Victoria’s approach for the future should be programs and campaigns that lift Victoria’s international brand as a place to live and work, support businesses to build export capability and establish Victoria as a global source of quality products and services through leveraging Victoria’s internationally connected community.