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Budapest hosts technology institute
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Budapest hosts technology institute

2008-06-20
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The new European Institute of Innovation and Technology (EIT) will be based in Budapest, ministers have decided.

The new European Institute of Innovation and Technology (EIT) will be based in Budapest, ministers have decided.

The EU's flagship technology institute, which aims to boost European research and innovation, will be built in the Hungarian capital.

The EIT will combine a governing body in charge of funding and research with a number of research and education centres across Europe. It will cost at least 2.4 billion euros (£2 billion).

The governing body will be selected by the end of June and will start signing contracts with the research and education centres.

Poland had also been competing to host the institute in the city of Wroclaw, but EU ministers ruled in favour of Hungary.

European Commission President Jose Manuel Barroso wants the institute to work on issues such as climate change, renewable energy and new forms of information technology.

There has been no significant increase in research spending in Europe in the past 20 years and the EU is likely to miss a target to invest more by 2010.

Copyright © The Press Association 2008


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