Geoghegan-Quinn welcomes adoption of IIP

Máire Geoghegan-Quinn has welcomed the adoption of the EU’s Innovation Investment Package (IIP) by the European Parliament.

The €22bn IIP, which comprises six public private partnerships, four public-public research partnerships and the Single European Sky Air Traffic Management Research (SESAR) Joint Undertaking, will now go to the Council of the European Union for final approval.

Commenting, the European Commissioner for Research, Innovation and Science said: “This is a €22bn investment in our economy and in a better quality of life. We will work with industry and a wide range of researchers to tackle problems no one country or company can face alone. I pay tribute to the European Parliament and in particular all the rapporteurs involved, who have worked quickly to get us to this point. I look forward to final approval of the package by the member states, with a view to launching these partnerships in July.”

The majority of investment will go to the public private partnerships in the form of Joint Technology Initiatives, which cover innovative medicines, aeronautics, bio-based industries, fuel cells, electronics and rail transport. Over the next seven years, the EU’s contribution of €9bn will also mobilise €9bn from the private sector, in addition to €4bn from EU member states. EU funding will come from Horizon 2020.