Victoria-Israel R&D fund launched

A US$6 million fund was launched today for joint Israeli-Victorian projects in areas such as biotechnology, healthcare, nanotechnology, environmental technologies and advanced manufacturing.

Commencing in 2006, the Victoria-Israel Science and Technology Research and Development Fund (Vistech) will fund up to 50 per cent of joint R&D costs for approved market-oriented projects, with grants of up to US$500,000. Israel and Victoria will each provide US$1 million year over three years to the fund.

"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," said Victorian minister for innovation John Brumby, who launched the fund today with Israeli ambassador Naftali Tamir.

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

The establishment of Vistech was driven by the Israel Australia Chamber of Commerce and its chairman, Leon Kempler, and the fund is the first such initiative Israel has formed with any Australian state or partners.

Interested companies can contact Vistech at www.business.vic.gov.au/vistech