In March 2000, the Lisbon European Council set the goal of becoming by 2010 “the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion”. This was called the Lisbon Strategy. The project of creating a European Research Area (ERA) was endorsed as a central element of the Lisbon Strategy to achieve this goal. However, EU still invests too little in R & D. In 2003, top 500 private R & D spenders in EU decreased their R & D investment by 2.0%. Top 500 private R & D spenders outside EU increased their R & D investment by 3.9%. Overall R D US: 2.59%; S. Korea: 2.91%; Japan: 3.12%. ERA is implemented through so-called Framework Programmes (FP). FP7 is proposed on the basis of a doubling of funds and the duration is 7 years (2007-13). FP7 will fund R& D projects of immediate industrial relevance & needs of industry. Projects will include both public research institutions and private companies (PPP). FOUR MAJOR COMPONENTS OF EUROPEAN RESEARCH IN FP7: I. Cooperation: COLLABORATIVE RESEARCH COMPONENT Support transnational cooperation in 9 themes: 1. Health 2. Food, agriculture and biotechnology 3. Information and communication technologies 4. Nanosciences, Nanotechnologies, Materials and new Production Technologies 5. Energy 6. Environment and Climate Change 7. Transport and Aeronautics 8. Socio-economic sciences and the humanities 9. Space and Security Research

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