£375m fund to promote development though science and innovation announced
10 Apr 2014 10:29 AM
The fund at the University of Sao Paulo was
announced by the Chancellor during his trade trip to
Brazil.
Chancellor of the Exchequer George Osborne has launched
a £375 million fund to promote economic development though science and
innovation at the University of Sao Paulo on the final day of his visit to
Brazil.
The
newly named ‘Newton Fund’, will improve the science and research
capabilities of emerging powers and strengthen ties with
Britain.
The
£375 million fund will allow the UK to use its strengths in scientific
research to promote economic development and welfare in emerging economies
while building long-term collaborations with countries that will produce
leading innovations in the future.
The
fund will lay the foundation for ongoing collaboration between the partner
countries and the UK, promoting the UK as an international partner of choice
and seeking opportunities for commercial collaboration as we work towards
sustainable global growth.
Read more about the
Chancellor’s three day trade trip to Brazil.
The
Chancellor made the announcement at a ceremony at the University of Sao Paulo
to sign the first match funding agreement with a Brazilian partner. The
Association of State Funding Agencies has committed £3 million pounds a
year for 3 years matched by the Newton Fund.
The
£18 million agreement will support bilateral collaboration in areas such
as food security, Future Cities, bio-economy and neglected
diseases.
Speaking in Sao Paulo, Brazil the Chancellor
said:
Investing in science is at the heart of the
government’s long term economic plan and sustainable growth is key to
tackling global challenges.
These are not challenges we face alone. Partnerships
with countries such as Brazil who are rapidly increasing their investments in
scientific research will help strengthen ties between our countries and deliver
new economic opportunities for us both.
Minister for Universities and Science, David Willetts,
said:
Science and innovation are central to economic
development and growth in all countries. They underpin solutions to many of the
development issues facing the world today – from poverty reduction to
improved health and sustainable growth.
There are clear benefits of international collaboration
on science research and this new programme will enable the UK to engage visibly
with countries of strategic importance, across science, education and
innovation areas.
The
fund is named after the pre-eminent UK scientist Isaac Newton. Each individual
programme in a partner country will also be named after a renowned scientist or
statesman/woman from that country.
The
Newton Fund will support research collaborations, researcher and student
mobility & partnering schemes, building links between science institutions,
developing innovation partnerships and support for innovation capacity
building.