Ireland's EU Commissioner Máire Geoghegan-Quinn has launched the EU's biggest research funding programme in Brussels.
The European Commission says that the €7bn to be made available under the EU's research and innovation arm could create up to 174,000 jobs across the EU.
The Commissioner said: 'Europe is again showing its commitment to putting research and innovation at the top of the political agenda for growth and jobs.'
Ireland has already drawn down €300m for research under the Framework Programme (FP7), which runs from 2007-2013.
The third level sector, research organisations and the private sector are expected to draw down €600m in funding during the lifetime of the programme.
There has been added emphasis on the need for Europe to embrace research and innovation to grow itself out of the lingering effects of the global economic crisis and to position the EU to better compete with rising powers, such as India and China, as well as the US.
The EU has acknowledged that it is slower than the US to generate goods and services, and thus jobs, out of the innovation and research sectors.
This is the biggest ever invitation to bid for science funding and it follows the decision by EU leaders last February to maintain or increase R&D funding at national and EU level.
European universities, industry and research organisations will be among the more than 16,000 recipients of the funds, but there will be greater scope for small and medium sized business to apply for money.
The European Commission argues that Europe needs to do more to convert scientific research and innovation more quickly into sustainable jobs.
In the EU's budgetary outline running from 2013-2020, there has been an earmarked increase in research funding of €25bn to €80bn.
It estimates that over the next 15 years the application of EU funding could generate 450,000 jobs and nearly €80bn in GDP growth.
The research funding will be focused on what the EU regards as societal challenges: climate change, energy efficiency, healthcare, biotechnology, environmental services and the aging society.
In Ireland, FP7 funding is dispersed to universities, research centres and private sector companies. The biggest recipient is Trinity College.
