Multi-million euro investment in nanotechnology announced in UK

Brussels, 07 Jul 2003

The UK government has announced a 90 million GBP (131 million euro) investment in nanotechnology aimed at helping the country's industry to take advantage of the commercial opportunities offered by the technology.

The cash injection will be used over six years, and will be used to fund collaborative research and a new network of micro- and nanotechnology facilities. The investment is also expected to attract spending of over 291 million euro from industry.

'Nanotechnology promises huge benefits for the environment and our health and wealth,' said UK Science and Innovation Minister, Lord Sainsbury. 'Some estimates predict a global market in nanotechnology worth over one trillion [dollars] in a decade. I want to make sure the UK wins a share of this prize with a prosperous, world-class nanotechnology sector in the UK.'

Responding to concerns about the implications of nanotechnology, Lord Sainsbury has already commissioned a study on potential ethical, health and safety, environmental and social issues. 'It is important that as this technology develops, people feel confident about it,' he said.

CORDIS RTD-NEWS / © European Communities