Its aim is to bring together research bodies, universities and business to bring about European technological advances, according to the BBC. Bringing in business will be a key component, said European Commission president Jose Manuel Barroso, "because the lack of business-funded R&D [research and development] explains almost 85% of the gap between the EU and the USA, for example."
The private and public partnerships, known as Knowledge and Innovation Communities, or KICs, will prioritize renewable energy and next-generation IT projects. The first KICs will be agreed upon by the end of 2009.
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