Australian Prime Minister Kevin Rudd on Wednesday announced 50 of the best and brightest university students from Australia and Asia have received the Prime Minister's Australia Asia Endeavour Award.

The Prime Minister's Australia Asia Endeavour Award provides 20postgraduate students and 20 undergraduates from across Australia with up to 63,500 dollars (58,687 U.S. dollars) to undertake an international research, study and internship experience in either China, India, Indonesia, Japan, Malaysia, Singapore, Republic of Korea, China's Taiwan, Thailand and Vietnam.

Ten international postgraduate students will also be funded to study in Australia.

The government has committed 14.9 million dollars (13.7 million U.S. dollars) over four years to establish this prestigious scholarship program, which was announced as part of the government's response to the 2020 Summit.

From next year, the awards will form part of the Australia Awards initiative, announced by the Prime Minister in Singapore on Nov. 13, 2009. The Australia Awards will better co-ordinate and promote the existing Australian scholarships, and over time build a new generation of leaders with strong ties to Australia and the region.

In addition, a further 18 million dollars (16.6 million U.S. dollars) will be spent on the Australia Asia Awards for individuals who have already demonstrated their potential to be leaders within their own countries, and for students from developing Asian countries.

The Australian government encourages high-achieving students to immerse themselves in the academic and social cultures of other countries by undertaking international study and work experience.