The Government today announced Singapore as the fifth and final landing pad for Australian entrepreneurs, joining San Francisco, Shanghai, Tel Aviv and Berlin. $11.2 million in funding had been allocated to the landing pads through the National Innovation and Science Agenda to provide market-ready startups growth on a world scale, with a further $2.4 million set aside in this week’s Budget.
The Singapore landing pad is part of an economic integration and bilateral partnership with Asia, with Prime Minister Malcolm Turnbull and Trade Minister Ciobo revealing a new package of initiatives to draw a deeper connection with Singapore.
The package encompasses broad-ranging measures to facilitate trade and investment between Australian and Singaporean startups, along with promoting cooperation across other industry sectors including defence, education, and arts and tourism.
Sid Myer, chairman of the University of Melbourne’s Asialink, said the multi-faceted measures outlined in the package will help position Australia and its potential for growth within Asia.
“We particularly welcome the focus on connecting our younger generations, with deeper education and cultural exchange, including through the BRIDGE schools program, a flagship or Asialink Asia Education Foundation,” he said.
Highlights of the landing pad and the bilateral partnership with Singapore include, improved mobility and length of stay for business people and investors, recognition of certain university degrees, and the agreement to commence negotiations on the mutual recognition of professional qualifications.
Singaporean investors in Australia will also benefit from a higher investment threshold and will receive the same treatment under the Foreign Investment Review Board as investors from the United States.
CEO of Asialink Jenny McGregor said, “Singapore is already a key strategic partner and these initiatives will provide even more opportunities for us to work together to tackle regional challenges. The pilot regional security dialogue is a welcome addition to the thriving discussions underway in our region including through the Asialink Conversations.”
Asialink Business is Australia’s national centre for Asia capability and will offer a range of practical tools and resources such as the Singapore Country Starter Pack, which will help Australian startups to expand internationally.
Singapore is one of the most dynamic business oriented nations in the world and is ranked as the world’s easiest place to establish a business. The city is home to global industry experts and professionals with excellent global connectivity.
Christopher Pyne, Minister for Industry, Innovation and Science, said the partnership will cement efforts by both countries to work together to achieve common goals through R&D cooperation and sharing B2B research.
“This new partnership includes a strong focus on innovation, as well as the scientific projects that assist both countries, and will have important impacts by contributing to prosperity in the Asia-Pacific region,” he said.
Startup Daily recently talked to Pyne about how the landing pads will help further the government’s National Innovation and Science Agenda:
Image: Jenny McGregor. Source: Asialink.