Published On: Sun, Nov 29th, 2015

Israel, Australia boost R & D ties

Israeli Chief Scientist signs first joint R&D Agreement with the Commonwealth Bank of Australia, One of the Four Largest Banks in the Country.

Israel- Australia Flang

In His First Official Visit to Australia, Chief Scientist Avi Hasson Met with Leading Australian Companies and Signed an Agreement with the Commonwealth Bank of Australia – One of the Four Largest Banks in the Country

Hasson is holding meetings aimed at bolstering bilateral scientific and technological ties between Israel and Australia.

The MNC program at the Office of the Chief Scientist offers a unique framework for technological cooperation between Israeli companies and multinational corporations.

According to the agreement, the Chief Scientist helps multinational companies scout for Israeli technologies meeting the corporation’s needs and provides financial support for completing necessary R&D. The multinational corporation supports the joint project with matching funds – either via investment or by lending equipment, providing technological and regulatory consultation, marketing directions, etc. In this manner, the corporation helps the Israeli company grow and opens it options in markets abroad.

Chief Scientist Avi Hasson said: “This is the first multinational Australian corporation joining Israel’s program of collaborating with multinational corporations. This testifies to the program’s global nature and its benefits even for companies from distant countries, especially those that do not yet have a permanent presence in Israel. In addition, this is the first bank joining the framework. The Australians were impressed with the program’s value and its potential contribution to banks and the financial industry in general. The interest shown by the bank in Israel’s innovation industry is focused mainly on cyber-security companies.”

“This visit is clearly a testament to the high regard Australia has for the Israeli innovation economy, ” said Chief Scientist Hasson. “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.”

Commonwealth Bank is a multinational Australian bank with branches in New Zealand, Fiji, across Asia, the US and Britain. The bank, founded in 1911, is one of the four largest banks in Australia, together with ANZ, National Australia Bank and Westpac. It was founded by the Australian government and was fully privatized in 1996. In September, 2014 the bank was valued at $115.4 billion and its profits reached $7.7 billion.



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