SYDNEY — The University of New South Wales (UNSW) celebrated its partnership with an emerging Chinese technology company, WeTouch, at an event held on Thursday in Sydney.

The partnership is one of many the university has as part of the Torch innovation program in conjunction with China's Ministry of Science and Technology, housed at the Torch Innovation Precinct at UNSW.

At the event, Brian Boyle, pro-vice chancellor of research at UNSW told Xinhua that the Torch project was "visionary" and that it is key to developing even further strong ties between China and Australia in the field of science and technology.

"Only a year ago we signed a memorandum of understanding with the Ministry of Science and Technology. A year later, we have over 20 programs of leading edge research with global industry partners, delivering over A$70 million ($52.88 million) of research contracts to this university," Boyle said.

"Our relationship with WeTouch represents the pinnacle of that approach."

The chairman of WeTouch, Peter French, was excited about the partnership between China and Australia, and the role that his company is playing in bridging the science and technology gap between the two nations.

"I am very pleased to be part of this very exciting program of research and development that can showcase Australian innovation...that can enhance and improve all our lives." French said.

Emma Johnston, the newly appointed Dean of Science at UNSW, said that this program, and the advancements made by the collaboration, further establish the ties between her university and China.

"The development of touchscreens is a massively expanding industry, it's worth a lot already and it is only going to continue to grow," Johnston said.

"So it also represents a great opportunity for the organization, the company, for Australia, and for China."

WeTouch is set to be listed on the Australian Stock Exchange on July 31, 2017.