Three hundred new call centre jobs will be created in Geelong, which has been hard hit by recent job losses.
Electricity and gas company Energy Australia, with a co-investment from the Victorian government, will establish a new national contact centre in the regional city by the year's end, creating 300 full-time positions.
Premier Denis Napthine said it was a "modest" government investment that will help with infrastructure and training but would not disclose the figure.
"This is a strategic co-investment. It's a modest amount for a significant outcome," he told reporters in Geelong on Tuesday.
"It not only brings 300 new jobs for Geelong, but also secures 500 existing jobs around the state."
The city has experienced a string of bad news after Alcoa announced it will close its Geelong-based aluminium smelter and rolling mills, with about 500 jobs expected to be cut by August.
The regional city has also experienced job losses at Ford, Target, Boral Waurn Ponds and Qantas at Avalon Airport.
Dr Napthine said Geelong is a community that needs jobs and its future was strong and bright.
The government has previously pledged that if re-elected in November, it will relocate the Victorian WorkCover Authority head office with 600 jobs to Geelong.
Dr Napthine said the government was happy to work with Geelong on its key priorities, the first of which is rebuilding the Yarra Street Pier, once a landmark on the waterfront before being destroyed by fire.
Geelong mayor Darren Lyons said his office had this week received more than 30 requests from businesses for meetings about setting up there.
Mr Lyons said the city had the expertise, infrastructure, workforce and location to build businesses based on new technologies.
"The recent announcements in Geelong highlight the volatility of the global economy, especially in the manufacturing sector," he told reporters.
"We are the fastest-growing regional development hub in Australia - jobs are incredibly important."
Energy Australia Group retail boss Adrian Merrick said the government investment was one of the reasons for its decision to set up in Geelong.
