The European Commission has called upon the member nations of the European Union to massively boost their spending in the field of web based services, next generation internet and nano-technology.
In a bid to kickstart the cash injection, the commission has announced that it will be increasing its own research budget by nearly 55 percent over the next four years from 1.1 billion Euros next year to a whopping 1.7 billion Euros in 2013.
In a statement, the European Commission reasserted its objective of making Europe, a world leader in Information and Communications Technologies in a bid to grab a bigger stake in the 2 Trillion Euros global ICT market.
The document, signed by information society and media commissioner Viviane Reding, called for Europe to double public and private investments in the ICT sector by 2020 in order to take the lead (arguably from the United States).
Europe currently accounts for a third of the global ICT market and ICT provides 12 million jobs but attracts only half of the investment compared to the US and only 20 percent of the venture capital than in America.
Reding also spelt out a number of initiatives to integrate ICT more closely to the European socio-economic fabric, for example, by using public procurement as a means to promote innovation in the ICT sector.
She called for the setting up of platforms to encourage dialogues between investors and ICT innovators while increasing "the involvement of SMEs (small- and medium-sized enterprises) in its own research programmes".
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Europe needs a more concerted approach when it comes to fostering technology within the European Union. This means for example adopting a single patent system to limit any abuses from patent trolls. There's also the possibility of encouraging innovations through the adoption of green technology solutions as well. Incidentally, it wouldn't do us wrong to nick some ideas from Barack Obama's tech push.
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