EU eyes India ties to energise innovation

 
Briefing reporters, European Commission Deputy Director General & Director General Enterprise & Industry Francoise Le Bail, said they saw huge potential to drive innovation within the Eurorean Union & India through joint partnership approach. She said her team was in India on a exploratory mission as part of which they had interactions with various industries and institutes in Bangalore.

India, she said, was third on the priority list for cooperation in research & development after the US and Russia.  Further, she added, the European Commission is trying to cobble up a Venture Capital Fund with private participation to spur innovation among the small and medium enterprises within the European Commission.

The venture capital fund she said is to be ratified by the European Commission and is expected to be in place by the second quarter of 2010.  The fund will be utilised for providing seed money as also in the growth phase of the companies being funded, she added.