Maltese companies can team up with other European companies and tap into a €400 million fund after Malta joined the pan-European programme, Eurostars.

The programme provides funds for European companies to join up in a research project aimed at developing a new product within two years, except in the case of biomedical or medical projects where clinical trials are required.

Collaborations must comprise at least two companies from two different countries, and the lead company must be a small medium enterprise which invests 10 per cent or more of its full-time equivalent or annual turnover in research.

This brings into effect one of the measures announced in the 2011 Budget. Finance Minister Tonio Fenech said: “This programme is all about research, development and innovation with the added benefit of doing this in collaboration with international partners and research institutions.

“It can therefore be of immense benefit to our small business owners as it would encourage knowledge and technology transfer and lead to internationalisation. To this effect, €500,000 have been allocated for this programme and we encourage SMEs to participate actively.”

Eurostars is the first European funding and support programme dedicated specifically to SMEs, with at least half of the projects being carried out by the sector.

“By joining the Eurostars programme, we are strengthening the assistance we offer to micro enterprises and SMEs. This sector is the backbone of the economy and in this manner we are helping it to grow, develop, diversify its offering and, possibly, tap into international markets,” Malta Enterprise chairman Alan Camilleri said.

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 March 24.

Further information regarding Eurostars can be found at www.eurostars-eureka.eu or by contacting Malta Enterprise at info@maltaenterprise.com or on 2542 0000.