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<p>Our ambition is to increase total R&D investment to 2.4% of GDP by 2027, and
3% in the long term. Successive UK Governments have supported the principle that funding
for basic research should be awarded through competitive processes on the basis of
excellence and likely impact - as assessed through peer review.</p><p>UK Research
and Innovation, a partner organisation of BEIS, primarily engages with industry through
Innovate UK. The table below shows the amount committed by Innovate UK to projects
involving optoelectronics in each of the last 5 years. These figures focus on funds
to industry and, as such, exclude funding towards research-focused partners such as
academics or charities.</p><table><tbody><tr><td><p><strong>Commitment Year</strong></p></td><td><p><strong>Grant
Offered (Commitment)</strong></p></td></tr><tr><td><p>2014/15</p></td><td><p>£3,530,324</p></td></tr><tr><td><p>2015/16</p></td><td><p>£1,944,112</p></td></tr><tr><td><p>2016/17</p></td><td><p>£3,676,222</p></td></tr><tr><td><p>2017/18</p></td><td><p>£5,225,330</p></td></tr><tr><td><p>2018/19</p></td><td><p>£822,952</p></td></tr></tbody></table><p><em>Note:
as this is committed funding the 2018/19 figures do not include where an offer letter
has been sent but no agreement has yet been reached. As such this will not reflect
the full amount of funding committed in that year.</em></p><p> </p><p>Funding for
research into optoelectronics is also provided by the Engineering and Physical Sciences
Research Council.</p>
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