EU agrees to support technology innovation projects with $8.7 billion

The European Commission has agreed on Thursday to provide about €8.1 billion ($8.7 billion) for microelectronics and communication technology projects as part of the European Union’s drive to be at the cutting edge of technological innovation.

The EU executive said that 14 member states could provide the aid to some 68 companies, including Airbus, Ericsson, Orange and Bosch. The 14 Member States are: Austria, Czechia, Finland, France, Germany, Greece, Ireland, Italy, Malta, the Netherlands, Poland, Romania, Slovakia and Spain.

“We need to be pioneers. We need to develop truly innovative solutions and of course their first industrial deployments in Europe,” Commission Vice President Margrethe Vestager told a news conference.