EU will invest around $18 billion in research and innovation in the next two years under Horizon 2020, the EU's research and innovation funding scheme, the European Commission said in a press release on Tuesday.
The announcement was made following a new EU work programme for 2016-2017 adopted on the same day, Xinhua cited the Commission as saying.
The programme would support a range of cost-cutting initiatives, including the modernisation of Europe's manufacturing industry, driverless car technologies and standards, and the internet of things to address digitalisation of EU industries.
Sustainable cities would also be included to better integrate environmental, transport, energy and digital networks in EU's urban environments.
The programme will cover research into EU's external border security to help identify and prevent human trafficking and smuggling, new technologies to help prevent crime and terrorism, and the origin and impact of migration flows in Europe.
Carlos Moedas, Science and Innovation Research Commissioner, said, "Research and innovation are vital to Europe's progress and today's challenges like immigration, climate change, clean energy and healthy societies."