The European Commission on Thursday proposed to raise the budget of the European Institute of Innovation and Technology (EIT) to €3 billion ($3.4 billion).
The institute is a part of the union's research and innovation program, Horizon Europe, with a proposed budget of €100 billion ($112.5 billion), according to a EU Commission’s statement.
"The EIT is an independent EU body created in 2008 that is strengthening Europe's ability to innovate", it said.
According to the statement, the institute's proposed budget for the new innovation agenda (2021-2027) was increased by 25% or €600 million (some $675 million) compared to the current innovation agenda (2014-2020).
The EIT will fund activities of existing and new Knowledge and Innovation Communities (KICs), it added.
The Institute currently supports eight KICs which bring together companies, universities and research centers to form cross-border partnerships.
Tibor Navracsics, a commissioner in charge of the EIT, noted the institute will launch two new KICs to support innovation in cultural and creative industries.
With its proposed budget, the EIT is expected to boost innovation by supporting more than 10,000 graduates from its KICs' Master and PhDs, around 600 new start-ups and more than 7,000 existing ones.
The report underlined that one of the goals of the agenda was to increase the regional impact of KICs by strengthening its network, involving more higher education institutions, business and research organizations.
By Gokhan Ergocun