At the launch of an exhibition celebrating Israel’s innovation, Mr David Southwick MP, on behalf of the Hon Louise Asher MP, Minister for Innovation, announced the opening of Victoria Israel Science and Technology Research and Development (R&D) (VISTECH) program grants.
The bilateral program will provide Victorian and Israeli partners with the opportunity to collaborate on research and development projects in the realm of science, innovation and technology.
The Victorian Government will offer grants of up to $250,000 for Victorian companies and the Israeli Government will offer soft loans of up to 50% of R&D expenses to Israeli companies.
“The Coalition Government is committed to the development of the science and technology sectors, and we also recognise how important it is to continue to strengthen ties with our international counterparts to promote growth in these areas,” Mr Southwick said.
“As Victoria and Israel are both internationally recognised for the quality of their research and their innovation, there is no end to what they can achieve together.”
The VISTECH program is open to private sector companies taking forward technology focussed projects in areas including biotechnology, small technologies, information and communication technology, clean technologies and advanced manufacturing.
The potential benefits of VISTECH include the leveraging of complementary capabilities in areas of expertise as well as sharing related risk, stronger science and technology industries through development of products to the pre-market stage, and improved business and trade relationships between Victoria and Israel, including access to international markets.
“We have a great partner in Israel, and a great opportunity to further develop our relationship and focus on these common interests,” Mr Southwick said.
The launch of the VISTECH program coincides with the formal opening of the “Israel Innovation for a Better World” exhibition at Queen’s Hall, Parliament House by His Excellency Mr Shmuel Ben-Shmuel, the Ambassador of Israel to Australia. The exhibition is being convened by the Zionist Council of Victoria.
“The launch of this important initiative is more than just a gesture of good will, but rather, a bold statement that symbolises our mutual commitment to advancing human knowledge and pursuing scientific excellence,” Mr Ben-Shmuel said.
VISTECH is the fourth program of the Victoria Israel Science Innovation and Technology Scheme (VISITS), an initiative that demonstrates the Coalition Government’s commitment to stimulating innovation in the realm science and technology, not just in Victoria, but on a global scale.
For more information go to www.business.vic.gov.au/visits