The European Commission (EC) plans to work with robotics companies on a $3.8 billion robotics research program in order to obtain a higher spot in the robotics market.
Neelie Kroes, vice president of the EC, announced the plan Tuesday, saying over 240,000 jobs would be created in the area, according to CNET.
She added that the move would increase Europe's collective economy by almost $109 billion.
While the deal was signed in December, it wasn't until Tuesday that it was launched and branded at the Automatica trade fair in Munich, Germany, Gigaom reported.
Funding for the program, called Sparc, will take place over a period of seven years, from 2014 to 2020. The EC will account for $952 million of the funding, while $2.85 billion will be spent by 180 private companies and research organizations.
Kroes acknowledged the concerns that many people have about the increasing use of robots for work in a speech on Tuesday, Gigaom reported.
"70 percent of EU citizens believe that robots steal people's jobs," she said.
Kroes added, however, that studies had shown "each industrial robot actually supports 3.6 jobs [and] that robots will directly and indirectly create 2 million jobs over the next 8 years." She also pointed out benefits that can come from the program, such as using robotics to take care of the elderly, as well as build driverless cars and drones.
The EC said Sparc is expected to increase Europe's share of the robotics business from 25 percent currently to 42 percent in 2020, and that the global industry will reach $60 billion by that time, CNET reported.
Robots are being used more often for manufacturing, especially for tasks that are repetitive and require precision. The EC said that Sparc, however, covers a broader reach and will fund research and development so robots can be used for agriculture, transportation, health, civil security, home care, and environmental management.
