Malta has officially become a member of the Eurostars programme, a pan-European initiative spread across 33 countries aimed at stimulating companies – particulary SMEs – to lead international collaborative research projects by easing access to support and funding, the Department of Information said yesterday.

With a fund of €400 million, of which €300 million is contributed by the participating states and €100 million by the European Union, the initiative brings together companies from different countries to work on a research project that is however market-driven.

In this manner, Eurostars projects must ultimately be aimed at the development of a new product, process or service that should be ready for launch into the market within two years of their completion, with the exception of biomedical or medical projects where clinical trials are required.

The lead company in the collaboration, which must comprise at least two companies from two Eurostars member states, must be a research-performing SME which invests 10 per cent or more of its full-time equivalent or annual turnover in research activities.

As announced in Budget 2011, the government is committing half a million euros to assist Maltese companies’ participation in the programme, increasing their access to financial support for their research and development projects.

This brings into effect one of the measures announced in the Budget speech for 2011.

Forming part of the EUREKA network, which Malta had already joined in 2006, the Eurostars programme is the first European funding and support programme to be specifically dedicated to SMEs, with at least 50 per cent of the project to be carried out by SMEs. Malta’s membership in the Eurostars programme was approved at the EUREKA meeting held in Tel Aviv, Israel, on Thursday.

“SMEs are the major sources of renewal and a driving force for the development of new business areas. Through our participation in the Eurostars programme, Malta Enterprise is supporting local enterprises in overcoming the hurdle of obtaining financial assistance in order to implement their innovative ideas and bring them to the market,” said Alan Camilleri, executive chairman of Malta Enterprise and high-level representative of Malta to EUREKA.

The programme is open for funding applications on a continuous basis, with an average of two application submission deadlines each year. The next deadline for the submission of applications is 24 March, 2011.

Further information regarding Eurostars may be found at www.eurostars-eureka.eu or by contacting Malta Enterprise on [email protected]

or 2542 0000.