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EU to invest in innovation
by Jan Norman, The Orange County Register
August 22, 2005
 

The European Union, with languishing economies in many member countries, is trying to promote innovation and entrepreneurship, reports the National Dialogue on Entrepreneurship, an online publication of the Public Forum Institute, an educational group in Washington, D.C. Recently the Commission of European Communities agreed to invest 4.2 billion euros (about $5.4 billion) in a new seven-year Competitiveness and Innovation Framework Program.

By comparison, U.S. federal government investment in research and development is $132 billion in fiscal year 2005, 2.7 percent of gross domestic product. Overall EU research and development funding is 1.9 percent of collective GDP, but recent allocation is part of a goal to bump that spending up to 3 percent of GDP by 2010.

The EU money will support programs focused on information-technology innovation, renewable and efficient energy, and entrepreneurship. That last effort is supposed to help small and midsize companies overcome regulatory barriers, gain access to capital, and market to EU member countries, the NDE reports.

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