Following the growing trade relationship between Australia and China, the countries are cementing their ties through Innovation and technology. China’s research capabilities and infrastructure is excellent and in the recent years the country’s research prowess and collaborations with Australia in science and technology have been reaping great results. Now the University of New South Wales (UNSW Sydney) is going forth in consolidating and strengthening technology and innovation impetus with Research institutes and businesses of China.
“As a global university, we will certainly look to China’s enormous economy and rapid pace of development in almost every sector, whether it is higher education or business,” said Ian Jacobs, president and Vice-Chancellor of the university, which is celebrating its 70th anniversary this year.
China has become extremely active in its intellectual and financial investment in research and development. It has increased its spending to 11.8% every year to 1.97 trillion yuan (about 278 billion U.S. dollars) in 2018, hitting a record high to 2.19 percent of its GDP.
The Vice- Chancellor stated that they see great potential and infinite possibilities in fortifying this China Australia collaboration on technology and innovation. The university’s Torch Innovation Precinct, inspired by the Torch Program of China’s Ministry of Science and Technology which created more than 150 high-tech zones across the country, was the first Torch-branded program outside China. This fruited 77 million Australian dollars (about 52 million U.S. dollars) worth of contracts between UNSW Sydney and 70 Chinese businesses, according to Jacobs.
“We want to have many more innovation hubs and partnerships in China. And we also want to have an innovation hub at UNSW Sydney, which will be a location where Chinese businesses work with our researchers and with Australian businesses,” said Jacobs.