Jim Nicholson, Ulster Unionist MEP, has welcomed a vote in the European Parliament which improves support for small firms in the EU's new research and innovation programme.
On 21st November, MEPs voted overwhelmingly in favour of the Horizon 2020 package. The €70.2 billion programme has three main pillars: excellence in academic-based research, supporting SMEs in innovative areas, and addressing the "societal challenges" such as food and energy security. MEPs were successful in improving the terms of the original proposal, simplifying and reducing administrative costs in the overall package.
Speaking after the vote, Mr Nicholson said: "The Horizon 2020 programme will allow millions of pounds to flow into the UK and support Northern Ireland's innovative businesses, cutting edge laboratories and research institutions."
"To those who would rather exit the EU than reform it, the vote on Horizon 2020 demonstrates that EU funding can be more effectively spent in areas of crucial importance for Northern Ireland's economy."
"Improved terms of the deal for local SMEs will also lead to a greater diversity in innovation, increased opportunities for business and more benefits for the economy.
"Our world-class universities will now have the opportunity to receive additional EU funding to help continue their record of excellence in research."
In a pre-emptive response to the programme, Queen's University Belfast has established a dedicated European Research Development team in response to new funding opportunities. Together with the University of Ulster, both universities form part of a regional network of Northern Ireland Contact Points that will assist potential applicants interested in Horizon 2020.
Mr Nicholson continued: "I am delighted to see the levels of positive engagement back home with the forthcoming Horizon 2020 package.
"We must be proactive when it comes to selling Northern Ireland as a place worthy of EU funding for its research and innovation capabilities.
"Given the opportunities afforded by Horizon 2020 to access EU partners and raise the profile of Northern Ireland, I am sure the Contact Points will continue to be a crucial facilitator for local bodies to draw down funding.