Labour First Minister kicks off new round of European funding
WELSH Labour has announced the first projects to get the go-ahead under the new West Wales and the Valleys Convergence Programme – the successor to Objective One.
Around £50 million will be invested in two new Knowledge and Technology Transfer projects to help Welsh business benefit from innovation in Welsh universities, turning cutting-edge ideas into commercially viable products. They will also help to provide industry with a skilled workforce equipped for the 21st Century.
Rhodri Morgan said:
“We are giving a clear signal for the Welsh economy today with the announcement that the first £50 million batch of approvals from the £1.4 billion Convergence programmes 2007-2013 will go to assist the development of research technologies and forge a culture of enterprise in higher education in Wales.
”We have always said that the new Convergence programmes would have a strong emphasis on building the knowledge economy so that our small, clever country can compete even more successfully on the world stage. The approval of these projects marks the beginning of the next stage in our plans for the transformation of the Welsh economy. There will be further announcements of project approvals over the coming days and weeks.
“Both of the projects announced today will build on the investments made through Objective 1 Innovation and Technology projects, including the Knowledge Exploitation Fund (KEF), which have already helped thousands entrepreneurs. They will provide further investment in activities to boost innovation, jobs and growth in West Wales & the Valleys.”
Notes:
Around £1.4 billion of European grant has been allocated for Convergence programmes (ERDF: £856 million; ESF: £570 million) in West Wales and the Valleys (with match funding, representing a total investment of around £3 billion).
The two Knowledge Exploitation and Transfer projects will receive, in total, around £22 million of grant funding from the European Regional Development Fund (with match funding from the Welsh Assembly Government, representing an investment of around £50 million).
Around £50 million will be invested in two new Knowledge and Technology Transfer projects to help Welsh business benefit from innovation in Welsh universities, turning cutting-edge ideas into commercially viable products. They will also help to provide industry with a skilled workforce equipped for the 21st Century.
Rhodri Morgan said:
“We are giving a clear signal for the Welsh economy today with the announcement that the first £50 million batch of approvals from the £1.4 billion Convergence programmes 2007-2013 will go to assist the development of research technologies and forge a culture of enterprise in higher education in Wales.
”We have always said that the new Convergence programmes would have a strong emphasis on building the knowledge economy so that our small, clever country can compete even more successfully on the world stage. The approval of these projects marks the beginning of the next stage in our plans for the transformation of the Welsh economy. There will be further announcements of project approvals over the coming days and weeks.
“Both of the projects announced today will build on the investments made through Objective 1 Innovation and Technology projects, including the Knowledge Exploitation Fund (KEF), which have already helped thousands entrepreneurs. They will provide further investment in activities to boost innovation, jobs and growth in West Wales & the Valleys.”
Notes:
Around £1.4 billion of European grant has been allocated for Convergence programmes (ERDF: £856 million; ESF: £570 million) in West Wales and the Valleys (with match funding, representing a total investment of around £3 billion).
The two Knowledge Exploitation and Transfer projects will receive, in total, around £22 million of grant funding from the European Regional Development Fund (with match funding from the Welsh Assembly Government, representing an investment of around £50 million).