Business

Cross-border research projects get £14m EU boost

Research and innovation projects in Ireland have received a major funding boost
Research and innovation projects in Ireland have received a major funding boost Research and innovation projects in Ireland have received a major funding boost

A CROSS-BORDER initiative to to drive research and innovation has been offered €16.6 million (£14.2m) in EU funding.

The Co-Innovate project - which also includes a Scottish element - aims to increase the proportion of small and medium businesses taking part in cross-border collaboration from 22 per cent to a third.

The programme will be lead by InterTradeIreland is expected to deliver almost 500 projects.

Business will be able to access to up to 70 so called innovation interns to help implement enhanced R&I activity.

Economy minister Simon Hamilton welcomed the funding.

“Innovation drives growth. Innovative companies are more profitable and productive than those who are not," he said.

"In Northern Ireland we need many more firms, particularly our SMEs and micro businesses, engaging in innovation and this investment will support delivery of that ambition.

“This new programme will provide tremendous opportunities and support for companies to engage in a wide range of innovation activities to develop new solutions that will drive their company’s growth and profitability.”

The scheme is among the first to benefit from the EU's INTERREG VA programme.

Gina McIntyre, CEO of the Special EU Programmes Body added: “The funding will help create a strong export based economy through increased awareness of and engagement in innovation by both SMEs and micro-businesses, in Northern Ireland the border region of Ireland and western Scotland.

"It will lead to enhanced cross-border collaboration for the development of new products, processes and tradeable services that will strengthen the regional economy.”