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€7 billion boost for research and innovation will create jobs and growth

The European Commissioner for Research, Innovation and Science, Máire Geoghegan-Quinn, today announced nearly €7 billion to kick-start innovation through research. The European Commission's biggest ever such funding package, under the EU's Seventh Framework Programme for Research (FP7), is expected to create around 174 000 jobs in the short-term and nearly 450 000 jobs and nearly €80 billion in GDP growth over 15 years1. EU research funding is at the top of the political agenda and has now been placed at the centre of a coherent innovation strategy, the Innovation Union, which Europe needs if it is to compete with large, dynamic countries like the US and China.

Grants will promote research to tackle the biggest societal challenges facing Europe and the world. Universities, research organisations and industry will be among more than 16.000 funding recipients. Special attention will be given to SMEs, including a package close to €1 billion. There will also be a new EU Prize for Women Innovators whose work has been funded by FP7 or earlier programmes. The majority of the "calls for proposals" (invitations to bid for funds) will be published on 20 July.

Further details go to Europa.eu