Commissioners: EU to support innovation through EUR 300 bn investment scheme

Budapest, April 17 (MTI) – The European Union is ready to provide support for innovative research in cooperation between universities and businesses under a 300 billion euro European investment programme announced last November, EU Commissioner Tibor Navracsics said on Friday.

Navracsics was accompanied by EC Vice President Jyrki Katainen, who is also the commissioner in charge of job creation, growth, investment and competitiveness. The commissioners were in Budapest as part of a roadshow to promote EU investment plans and opportunities for governments, investors, businesses and regional authorities, among others.

The commissioners visited Demola labs at the Budapest Technical University, where innovative business and startup projects are carried out under the auspices of the European Innovation and Technology Institute (EIT).

Navracsics, the Hungarian commissioner for education, culture, youth and sports, said the European Commission wants to support innovative research, which he said is important for the future.

Katainen presented the EU’s investment programme with three pillars. One is the European Strategic Investment Fund which collects public funding; the second is a list of investments concentrated on priority areas; and the third a timetable for attracting investment to Europe while cutting red tape.

The use of venture capital is not as widespread in Europe as in the US, and this is something that must be changed, Katainen said.

Photo: MTI

Source: http://mtva.hu/hu/hungary-matters