The European Union will invest €7 billion (SFr8.14 billion) in research and innovation as part of the framework for research of which Switzerland is a part.

It was the single biggest funding package ever allocated for innovation and research by the European Commission.

The funding programme is predicted to create some 174,000 jobs in the short term and 450,000 jobs and €80 billion in gross domestic product growth over 15 years, commissioner Máire Geoghegan-Quinn said in a statement.

Universities, research organisations and industry will be among more than 16,000 funding recipients, including around 400 Swiss research programmes which will be supported by the plan.

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