Israel signs $12m R&D agreement with State of Victoria

This is the first agreement of its kind between Israel and Australia, designed to finance biotechnology and nanotechnology research.

Israel and Austrialia's State of Victoria have signed an R&D agreement, under which each party has pledged $6 million in financing over the next three years. State of Victoria treasurer John Brumby and Minister of Foreign Affairs Silvan Shalom signed the agreement last week during Brumby's visit to Israel.

This is the first agreement of its kind between Israel and Australia. It is designed to finance biotechnology and nanotechnology research, where Victoria leads Australia. Victoria, whose capital is Melbourne, has invested over $250 million in biotechnology in the past five years.

Victoria Premier Steve Bracks discussed the agreement on a visit to Israel ten months ago, when he and Minister of Industry Trade and Labor Ehud Olmert signed a declaration of intent.

Published by Globes [online], Israel business news - www.globes.co.il - on February 14, 2005

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