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.' Rudd predicted the world's centre of strategic and economic gravity would move to the Asia-Pacific region. Addressing the university's students, he said: 'As the leaders of tomorrow, your responsibility will be great. Not only is it important for Asia how we conduct our affairs to guarantee our future peace and prosperity, it is also important for the world - because the future of the Asian century will now, for the first time, shape the future of the world.' Reacting to Rudd's announcement, Hong Kong-based education consultant Alan Olsen said the awards were 'a great move on the part of Australia', adding it was 'good to see that Hong Kong, which actually rates as a peer of Australia on most measures of economic competitiveness, is included in the programme'. 'The scholarships will permit many brilliant Hongkongers to study in Australia, including carrying out postgraduate research,' he said. Image unscathed Postgraduate Guide