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European Australian Business : 2008
40 The State of Victoria, in south-eastern Australia, is thriving, with annual GDP of A$242 billion in 2006/07 and an aver- age growth rate of 3.8 per cent over the ten years to 2006-07. Victoria occupies only three per cent of Australia’s total landmass yet accounts for almost 25 per cent of Australia’s economy. Victoria shares an established and successful trading relationship with Europe. Europe is Victoria’s second largest trading partner with two way goods trade worth nearly A$15 billion in 2006/07. The majority of this trade was in products such as automotive and aerospace parts, electronics equip- ment, alcoholic beverages and wool. The United Kingdom and Germany provide substantial levels of foreign direct investment into Victoria. The Victorian Government promotes and supports two-way trade and investment through business offices in Frankfurt and London. These of- fices are equipped to support all international business interactions, but particularly focus on drawing links in Victoria’s targeted industry sectors. These sectors include advanced man- ufacturing, biotechnology, information technology, design, environmental and energy technology, as well as the financial and services sectors. Melbourne, Victoria’s capital city, hosts the Australian headquarters for many leading Australian-based Eu- ropean companies including Cadbury Schweppes, Royal Dutch Shell, BMW, Siemens and GlaxoSmithKline. A recent example of major Euro- pean investment in Victoria is logistics company Kuehne & Nagel, which de- veloped a new logistics facility at its current warehouse site in the locale of Tullamarine. Similarly, FINEOS, an Irish software Melbourne Trams