Australia is to invest A$18 million (HK$130 million) in new higher education scholarships, open to both high-achieving individuals from Asia and students from the developing world.
Addressing the two-day Asia- Pacific Economic Co-operation (Apec) CEO Summit at the National University of Singapore yesterday, Prime Minister Kevin Rudd said the Australia Awards were based on his government's belief that the future of the world depended on 'a culture of dialogue and collaboration'.
Rudd said the first phase, the Australia-Asia Awards - involving an investment of A$8 million - would be available from next year. These would be followed by a second phase, the Development Awards, costing A$10 million, which would be open to students from developing countries.
A board would be set up, with members drawn from the government, corporate and academic sectors at home and abroad, to advise on the scheme's administration.
He said the objective of the scholarships was to develop 'the leadership potential of each participant'.
The prime minister described education as the single-most important ingredient for success in the economies of the 21st century. 'Access to secondary and tertiary education is the key to building a knowledge-based workforce,' he said. 'And the benefits of higher education are multiplied when students attend overseas schools and universities.'