Knowledge Based Bio-Economy

EU and industry join forces to invest €22 billion in research and innovation

The European Commission (EC), EU Member States and European industry today launched the Innovation Investment Package (IIP). Through this set of measures, the three actors will invest more than €22 billion over the next seven years in innovation within sectors that deliver high-quality jobs.

Most of the investment will go to five public-private partnerships in innovative medicines, aeronautics, bio-based industries, fuel cells and hydrogen, and electronics. These research partnerships will boost the competitiveness of EU industry in sectors that already provide more than 4 million jobs. They will also find solutions to major challenges for society that are not being solved quickly enough by the market alone, such as reducing carbon emissions or providing the next generation of antibiotics (MEMO/13/669).

One of these five Public-Private Partnerships, known as 'Joint Technology Initiatives' (JTIs), is Bio-based Industries (BBI), which aims to use renewable natural resources and innovative technologies for greener everyday products (see factsheet ).

This important day for Innovation started with a breakfast shared by J. M. Barroso, President of the EC; Neelie Kroes, Vice-President of the EC in charge of the Digital Agenda; Máire Geoghegan-Quinn, Member of the EC in charge of Research, Innovation and Science; and a delegation of CEOs in the field of research and development, and included a photo opportunity. The morning was concluded by a Press Conference by Commissioner Geoghegan-Quinn and Vice-President Kroes.

For more information, consult the full Press release , the MEMO and the BBI fact sheet .