European Commission announces €8.1 billion investment in research and innovation to boost growth and jobs
Tue 10 July 2012
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The European Commission has announced the final and largest ever set of calls for proposals for research under its Seventh Framework Programme (FP7). In total, €8.1 billion will be allocated to fund projects and ideas that are intended to enhance Europe’s long-term competitiveness.
The funding, which is open to organisations and businesses in all EU member states and partner countries, constitutes the majority of the EU’s proposed €10.8 billion research budget for 2013.
The calls target both innovation and a range of societal challenges, building a bridge to Horizon 2020, the next funding programme for EU research from 2014-2020. Altogether €4.8 billion will be allotted to thematic research priorities: Industrial innovation will be supported through close-to-market activities such as piloting, demonstration, standardisation, and transfer of technologies.
The Commission press release says that particular attention will be accorded to SMEs in a package worth up to €1.2 billion. Another €2.7 billion is provided to cement Europe's place as a world class destination for research.
European Research, Innovation and Science Commissioner, Máire Geoghegan-Quinn stated: "Knowledge is the currency of the global
economy. If Europe wants to continue to compete in the 21st century, we must support the research and innovation that will generate growth and jobs, now and in the future.
"The overall funding is expected to leverage an additional €6 billion of public and private investment in research, and estimated to increase employment by 210,000 in the short-term and generate, over a 15 year period, an additional €75 billion in growth."
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