Estonia to Further Benefit From European 2020 Strategy

Yesterday the Seventh Framework Program (FP7), part of European Union initiatives, announced some 7 billion funding available for financing research. Money is to be made available to EU member states in an effort to boost research and development in small to medium size enterprises (SME) which will ultimately create jobs and increase employment and profitability in Europe. The Europe 2020 Strategy was initially launched in October 2010 as part of the Innovation Union strategy aiming at ensuring Europe is well ahead in the race to compete with the fast emerging global markets tackling issues such as climate change, energy, technology innovation, and health and food security. Seventh Framework will also be in place to ensure synergy in research between EU states and organisations eliminating the issue of repeat research by more than one establishment.

Estonia has already profited from the EU initiative as last year funding of some 11 projects was supported by 2.24 million Euros. The condition set by FP7 of small to medium size companies with less than 250 employees and annual cash flow not exceeding 50 million Euros fit the bill of many Estonian companies. Stipulations are in place that companies are affiliated with a minimum of two science or research institutions as project planners.

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