Israel, Australia boost research ties with new agreement

Week-long summit also includes a start-up competition featuring six Israeli and six Australian companies.

November 25, 2015 17:34
1 minute read.
Sydney, Australia

Sydney, Australia. (photo credit: REUTERS)

Israel and Australia signed a number of agreements to boost research and business ties during the first joint investment summit between the two countries taking place in Australia.

In the framework of the summit, hosted by the Australian Department of Foreign Affairs and Trade (DFAT) with support from the Israel Trade Commission in Sydney, Israel signed an MNC [multinational companies] agreement with the Commonwealth Bank of Australia (CBA). The agreement creates “a framework which provides a supportive work environment for Israeli startups looking to collaborate with multinational companies.”

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Israel and the state of Victoria relaunched VISTECH, an R&D cooperation program that will fund joint projects. Israel has similar strategic agreements with a slew of key trade partners around the world, on both national and state levels.

“This visit is clearly a testament to the high regard Australia has for the Israeli innovation economy,” said Chief Scientist Avi Hasson, who is in Australia for his first official visit as part of the summit.

“A number of Australian government and trade delegations have visited Israel in recent months, focusing on lessons from the ‘Startup Nation’ in promoting innovation and entrepreneurship.

They were also deeply interested in learning about our unique brand of public-private partnership and how it promotes our knowledge economy. This visit aims at strengthening an already robust relationship between our two countries,” he added.

The week-long summit also includes a start-up competition featuring six Israeli and six Australian companies, and a series of discussion and panels around topics including fintech and cyber-security, cloud infrastructure, e-health, agtech and food tech, analytics and customer behavior, new media, innovative ways to invest, IPO versus exits and Impact Investments.

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