SYDNEY, June 27 (Xinhua) -- Australia's participation in the Torch Innovation Project "will lead to prosperity and new ideas, both in China and in Australian and hopefully bring benefits to people all over the world," University of New South Wales (UNSW) Vice Chancellor Ian Jacobs said on Tuesday.
As the first location to establish a Torch Innovation Precinct outside of China, UNSW's 100-million-Australian dollar (76-million-U.S. dollar) facility, dedicated to enhancing development and research in the new technology sector, is supported by eight Chinese companies and the Ministry of Science and Technology to boost scientific cooperation between the two countries.
Although completion of the state-of-the-art technology hub is not expected until 2025, the growing community of student entrepreneurs inspired by the creative environment, have been aided by the closer proximity to other researchers.
"We already have many Chinese businesses who are working to take the discoveries made by our scientists at UNSW and translate them into new opportunities for product production and manufacturing," Jacobs told Xinhua at an Association of Pacific Rim Universities meeting in Sydney.
In China, the 150 Torch science parks across the country that are responsible for innovation and developing new technology, generate over 10 percent of national GDP, and Jacobs believes that Australia also has this potential in areas like advanced materials, biotechnology, energy and environmental engineering.
According to Jacobs, cooperating and sharing ideas through projects like Torch, is vital to securing Australia's future.
"Its import for so many things, for economic progress, for innovation, for driving the innovation to new products," Jacobs said.
"That is important in addressing some of the major issues that are facing the Pacific, whether it's climate change and the impact on our oceans, whether it's changing demographics or automation and artificial intelligence, we are discussing all of those things and looking for solutions and ways to work together."