![\"Malcolm-Turnbull-china-640x332\"](\"http:\/\/www.bnmme.com.au\/wp-content\/uploads\/2016\/04\/Malcolm-Turnbull-china-640x332.jpg\")
Australia is set to get a \u201cglobal first\u201d $100 million innovation precinct that will foster innovation, support local startups and drive commercialisation.<\/p>\nAustralia is set to get a \u201cglobal first\u201d $100 million innovation precinct that will foster innovation, support local startups and drive commercialisation.<\/p>\n
Malcolm Turnbull announced the partnership between the Chinese Ministry of Science and Technology and the University of New South Wales during his first trip to China as prime minister.<\/p>\n
The deal will see a $100 million Torch Precinct established on the university\u2019s campus.<\/p>\n
The Torch precincts have been operating in China for nearly 20 years and now generate 7% of the country\u2019s GDP.<\/p>\n
The UNSW precinct, the first of its kind outside of China, could contribute $1 billion to Australia\u2019s GDP in its first ten years, according to a Deloitte study.<\/p>\n
UNSW president Ian Jacobs says the precinct is a \u201cglobal first\u201d.<\/p>\n
\u201c[It] has the potential to reset the Australia-China bilateral relationship and boost the nation\u2019s innovation system,\u201d Jacobs says in a statement.<\/p>\n
\u201cThis is about future-proofing our national competitiveness by strategically positioning Australia as China becomes the world\u2019s largest investor in R&D and the 21st century\u2019s science and technology superpower.<\/p>\n
\u201cThe Torch partnership is an important milestone in the further development of Sydney as Australia\u2019s global innovation city.\u201d<\/p>\n
A group of eight Chinese companies have already committed $30 million to the program, with an aim to build investment to $100 million.<\/p>\n
The industry partners will establish incubator spaces on the Kensington campus before the precinct is constructed by 2025.<\/p>\n
During his trip to China, Turnbull also officially unveiled the startup landing pad in Shanghai, joining other locations in Silicon Valley and Tel Aviv.<\/p>\n","protected":false},"excerpt":{"rendered":"