The Federal Government has announced the start of a new round of consultation on the Industry Innovation Precincts project, one of the key initiatives announced as part of the $1 billion Plan for Australian Jobs.

The Minister for Industry and Innovation Greg Combet said stakeholder feedback would inform the detailed design of Industry Innovation Precincts.

Mr Combet said the project will foster collaboration between the industry and research sectors in Australia to create new growth opportunities.

"These new industry-led Precincts will strengthen innovation by creating networks and boosting collaboration between firms and researchers to share knowledge and take advantage of business opportunities," Mr Combet said.

"The framework outlined in the paper is designed to ensure there is flexibility to establish Precincts that meet the needs of industry."

The Government will establish up to 10 Industry Innovation Precincts. The first two Precincts will be in the Manufacturing and Food sectors. The remaining Precincts will be selected through 2013 after a competitive selection process.

Consultation sessions will take place in capital cities and regional centres during March.

Written submissions on the consultation paper and draft guidelines close 22 March 2013.

For more information and to comment on Industry Innovation Precincts:http://www.aussiejobs.innovation.gov.au