The European Commission on Thursday proposed €100 billion ($118 billion) for research and innovation for the next long-term EU budget 2021-2027.In a statement, the commission said: "A new program - Horizon Europe - will build on the achievements and success of the previous research and innovation program (Horizon 2020) and keep the EU at the forefront of global research and innovation."
It said Horizon Europe is the "most ambitious" research and innovation program ever.
Jyrki Katainen, Commission Vice-President responsible for Jobs, Growth, Investment and Competitiveness, said, "Investing in research and innovation is investing in Europe's future."
"EU funding has allowed teams across countries and scientific disciplines to work together and make unthinkable discoveries, making Europe a world-class leader in research and innovation," Katainen said in the statement.
Carlos Moedas, EU Commissioner for Research, Science and Innovation, said: "Horizon 2020 is one of Europe's biggest success stories. The new Horizon Europe program aims even higher."
The interim evaluation of Horizon 2020 showed that the program is on track to help create jobs and growth, tackle EU's biggest societal challenges and improve people's lives, according to the statement.