(JTA) — The establishment of a ‘landing pad’ in Tel Aviv, will provide emerging Australian companies with access to new opportunities to reach global markets.

The landing pad was announced Tuesday at an Australia-Israel Chamber of Commerce business lunch in Tel Aviv.

“Under the Australian Government’s National Innovation and Science Agenda, the Government will invest $36 million over five years through a Global Innovation Strategy to improve Australia’s international innovation and science collaboration,” Australian Minister for Industry, Innovation and Science Christopher Pyne announced.

Pyne is visiting Israel with the country’s attorney general, Sen. George Brandis.

The $36 million includes $11 million to establish five landing pads in Tel Aviv, Silicon Valley and three other locations across the globe.

Pyne said Australia was one of the only leading innovative countries without established landing pads in key economies around the world to provide market-ready startups. “The landing pad initiative will help ambitious and creative Australian companies surround themselves with the knowledge, inspiration and access to markets they need to take that all-important next step,” he said.

Pyne called his trip to Israel “incredibly productive.”  During his trip he met with Israeli university, research and government representatives to discuss commercial and research collaboration, and how to help Australia ” best transform its economy into one based on innovation,” he said.

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