EUROPEAN INNOVATION COUNCIL AND SMES EXECUTIVE AGENCY - Council's draft Competitiveness Deal sets research and innovation target at 4% of GDP

Euractiv | 24/10/2024 | Europe - EU countries should set a 4% of EU GDP target for research and innovation by 2030, the Council of the EU's draft Competitiveness Deal, seen by Euractiv, reads. In the first draft of the Council's Budapest Declaration on the New European Competitiveness Deal (ECD), which has been seen by Euractiv, member states "urgently" call for increased investments and better integration of capital, telecoms, and energy markets.

date: 24/10/2024

"We are still far from our target of 3% of EU GDP for research and innovation investment, and we need to attract more private funding to fill this gap," said Iliana Ivanova, European Commissioner for Innovation, Research, Culture, Education and Youth, following a meeting of College of Commissioners on the European Research Area on Tuesday (22 October).

"We will promote cutting-edge research, research transfer and its economic valorisation within the EU and commit to meet a 4% GDP expenditure target in research and innovation by [2030]," the draft reads.

The fact that the year is in brackets could mean that the timeline is still up for discussion.

The draft calls for the introduction of a 'fifth freedom' to increase the mobility of researchers, knowledge and innovation and to "strengthen the role of the European Innovation Council," in line with Commissioner-Designate for Startups, Research, and Innovation Ekaterina Zaharieva's written responses to MEP questions about new R&I initiatives.

The document also invites the Commission "to present a European Tech Strategy [by mid-2025] that will strengthen the EU's technological capabilities and accelerate digitalisation across industries and foster the development of innovative technologies" - adding to the long list of new tech initiatives and plans.

The representatives of EU member states will discuss the document on Friday (25 October), 30 October, and 6 November, a person close to the process told Euractiv.

[Edited by Eliza Gkritsi/Daniel Eck]