This Communication sets out the role of Regional Policy in implementing the Europe 2020 strategy, in the area of smart growth and in particular the flagship initiative, "Innovation Union". As highlighted by the European Council, Regional Policy can unlock the growth potential of the EU by promoting innovation in all regions, while ensuring complementarity between EU, national and regional support for innovation, R&D, entrepreneurship and ICT.Indeed, Regional Policy is a key means of turning the priorities of the Innovation Union into practical action on the ground.It does so by creating favourable conditions for innovation, education and research so encouraging R&D and knowledge-intensive investment and moves towards higher value added activities. It can so help meet the major challenge for Member States and regions of increasing innovation capacity and R&D in businesses and strengthening their links with universities and research centres.
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