European Commission Sanctions EUR 7 Billion As FP7 Innovation Fund

Europe and India are working together on many important projects. These include Euro India ICT Cooperation Initiative, Euro India Joint ICT Research and Innovation Programmes, etc. Further, Euro India Foreign Trade Agreement (FTA) is also in pipeline that would increase mutual trade relationships between Europe and India.

At the Europe level, Research, Innovation and Science Commissioner Máire Geoghegan-Quinn has announced the release of nearly EUR 7 billion for stimulating European innovation through research funding.

The funding has been sanctioned under the banner of Seventh Framework Programme (FP7) of European Union. The objective is to ensure that Europe is well equipped and well place in the internationally competitive environment.

Máire Geoghegan-Quinn says that if they do not transform Europe into an Innovation Union, our economies will wither on the vine while ideas and talent go to waste. Innovation is the key to building sustainable growth and fairer and greener societies. A sea change in Europe’s innovation performance is the only way to create lasting and well-paid jobs that withstand the pressures of globalisation.

This is a good step and an innovative Europe can transform the entire economy of European countries. Both National and International Partnerships in the form of Public Private Partnerships (PPP) is need of the hour.

United Nation’s Regional Economic Commissions like United Nation’s Economic Commission for Europe (UNECE), UN regional commission is Economic and Social Commission for Asia and the Pacific (UNESCAP), etc can foster effective and innovative PPP models all across the globe.