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Sunday, November 29, 2015
Chief Scientist at the Israeli Ministry of Economy Signs First Joint R&D Agreement with Commonwealth Bank of Australia

Chief Scientist at the Israeli Ministry of Economy Signs First Joint R&D
Agreement with Commonwealth Bank of Australia

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

Ministry of Economy

JERUSALEM. November 29th, 2015 – The Chief Scientist at the Israeli Ministry
of Economy, Avi Hasson, is conducting his first official visit to Australia
this week, including visits to Sydney, Canberra and Melbourne. Hasson is
holding meetings aimed at bolstering bilateral scientific and technological
ties between Israel and Australia. As part of his visit, Hasson signed an
R&D agreement with the Commonwealth Bank of Australia.

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."

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

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.

During his working visit, Hasson took part in several events, including:

* Re-launching the VISTECH program, a framework of R&D cooperation with the
State of Victoria. The program allows companies from both states to submit
requests for funding of joint R&D projects.

* Meetings and roundtables with senior Australian officials in charge of
setting economic and innovation policy. Among the officials who met Mr.
Hasson:

· The Hon. Christopher Pyne MP, Minister for Industry,
Innovation and Science

· Wyatt Roy MP, Assistant Minister for Innovation

· Premier of New South Wales, the Hon. Mike Baird

· Mr. Bill Ferris, Incoming Chair of Innovation
Australia

· The Hon. Andrew Robb AO MP, Minister of Trade and
Investment

· Innes Willox, Chief Executive, Australian Industry
Group

· The Hon. Philip Dalidakis MP, Minister for Small
Business, Innovation and Trade

“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.”

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