IBEC welcomes €7bn EU R&D funding project

Employers' group IBEC has today welcomed the launch of a €7bn R&D funding package by the European Commission.

The funding will be available to kick-start innovation through research under the EU's Seventh Framework Programme for Research (FP7) in 2012. A further €11bn will be available for 2013.

It is hoped that the programme will create around 174 000 jobs in the short-term and nearly 450,000 jobs and nearly €80bn in GDP growth over 15 years

Special attention will be given to SMEs, including a package close to €1bn. There will also be a new EU Prize for Women Innovators whose work has been funded by FP7 or earlier programmes.

To date, Ireland has drawn down more than €300m from FP7 since 2007.

IBEC policy executive Aidan Sweeney said: "Seven billion euros will be available to support research and development across the EU.

"There will be significant opportunities for Irish-based companies of all sizes to access grants to support R&D across a wide range of sectors, in particular health, ICT, environment, marine and energy.

"Approximately €1bn is being made available this year to support SMEs. Irish participation is already above the EU average, but a serious and concerted effort is needed to surpass the national target of securing €600m by 2013."

EU Commissioner Geoghegan-Quinn said: "Today, Europe is again showing its commitment to putting research and innovation at the top of the political agenda for growth and jobs.

"EU-wide competition for these funds will bring Europe's best researchers and innovators together to tackle the biggest issues of our time, such as energy, food security, climate change and our ageing population.

"The Commission is proposing a significant increase in research and innovation funding for our Horizon 2020 programme post-2013 and I want to show taxpayers already with the calls we are announcing today our determination to get the best value for every euro"

Ian Talbot, Chambers Ireland chief executive said: “This is a great opportunity for many Irish businesses looking to engage in research and innovation to create sustainable jobs.”