Media Release: LAUNCH OF $US6M VICTORIA-ISRAEL R&D FUND- A FIRST FOR AUSTRALIA

FROM THE MINISTER FOR INNOVATION

DATE: Wednesday, December 7, 2005

LAUNCH OF $US6M VICTORIA-ISRAEL R&D FUND- A FIRST FOR AUSTRALIA

The Minister for Innovation, John Brumby, today joined Israeli Ambassador, Naftali Tamir, to launch a US$6 million Victoria-Israel Science and Technology Research and Development Fund.

Mr Brumby said the launch of the VISTECH fund with Victoria was the first such initiative Israel had formed with any Australian state or partners.

“Today’s launch of VISTECH marks a historic agreement and signals a major partnership between Victorian and Israeli research and development teams,” Mr Brumby said.

“The establishment of VISTECH has been driven by Israel and Victoria’s common focus on building innovative, knowledge-driven economies and by the strong leadership of the Israel Australia Chamber of Commerce and its chairman, Leon Kempler.

“The fund aims to promote, facilitate and support joint science and technology projects between Victorian and Israeli entities that will lead to new or improved products in the global market.”

VISTECH will fund up to 50 per cent of joint R&D costs of Israeli-Victorian market-oriented projects in areas like biotechnology environmental technologies, healthcare and advanced manufacturing.

“It is vital that we harness innovation to meet the health, environmental, energy and manufacturing demands of the future and deliver more sustainable high-skilled jobs for Victoria,” Mr Brumby said.

“However the increasing complexity and scale of leading-edge research today means that few governments, research bodies or regional economies can afford to go it alone.

“Victoria and Israel both face similar challenges in areas such as environmental and water sustainability, and are positioning ourselves as knowledge-driven economies for the 21st century.

“We are both major R&D hubs with high skilled workforces and comparable innovation strengths in areas such as biomedical and agricultural biotechnology.

“VISTECH has been developed to build on our mutual strengths, common challenges and existing relationships and we are very proud that Victoria is the first Australian State to sign such an agreement.

Mr Brumby said VISTECH would begin in 2006 and with Israel and Victoria each providing US$1 million each year over three years with grants of up to $US500,000 available for approved projects.

Interested companies can contact VISTECH at: http://www.business.vic.gov.au/VISTECH.