A Morwell-based manufacturer is to produce a new line of shipping pallets approved for use in Europe, in a significant boost for the Victorian export market.

Industry and Trade Minister Theo Theophanous who officially launched the new pallets at Fishers' Latrobe Valley plant today, said the Europallets would give Victoria's export drive a further boost, creating more new jobs.

"Europallets are the preferred standard throughout much of Europe and Fisher is the first and currently only company licensed by the European Pallet Association ( EPAL ) to manufacture and repair Europallets in Australia," Mr Theophanous said.

"As a result, Australian exporters will now be able to source Europallets locally rather than using hard-to-find second-hand pallets or paying a repacking penalty, therefore enhancing their competitiveness.

"Fishers' membership of EPAL will also link Victoria to the latest innovations in freight and storage throughout Europe."

Fishers was established in Korumburra in 1950 and set up in Morwell in 1979, primarily as a preservation and treatment plant and timber sales outlet. The company manufactures around 350,000 timber pallets per year for the domestic market.

The new pallet manufacturing line represents an investment of around $500,000 and has created five new direct jobs with potential for many more along the supply chain from softwood plantation to end-user.

At the launch, attended by manufacturing delegates from Germany and China, Mr Theophanous also announced a Grow Your Business grant to Fishers for $11,500 to assist them in marketing their new product.

"The Brumby Government is taking action to create jobs and this grant will enable Fishers to develop a strategy to inform the market of the new pallets and also look at opportunities for promoting other related products," he said.

"It will help to ensure Fishers and Victoria gets maximum benefit from this exciting new initiative."

The $1 million Grow Your Business program will this year assist over 100 Victorian small and medium enterprises.