LONDON, June 21 (Xinhua) -- A 1.7 billion U.S. dollar fund boost to attract and retain world-class talent and guarantee Britain's position at the forefront of innovation and discovery was announced Thursday by government Business Secretary Greg Clark.

As part of the boost, Clark launched a prestigious 1.2 billion U.S. dollars UK Research and Innovation (UKRI) Future Leaders Fellowship Scheme, which is open to the best researchers from around the world.

The investment will fund at least 550 new fellowships for the brightest and best from academia and business.

Clark unveiled the major new investment in a keynote speech at the International Business Festival in Liverpool as he outlined plans for British universities and businesses to develop the next generation of entrepreneurs, innovators and scientific leaders.

A spokesperson for the Department for Business, Energy and Industrial Strategy (BEIS) said: "Previous investment in new talent has funded research into new cancer drugs and developed critical technology which will bring us driverless cars.

"Today's announcement will build on this success and boost the pipeline of talent needed to build a Britain fit for the future."

The money, part of the single biggest investment in science in 40 years, will help ensure Britain invests 2.4 percent of gross domestic product (GDP) in R&D by 2027 and becomes the most innovative economy by 2030.

Clark said international collaboration has been key to many of the most significant discoveries and breakthroughs and he wants Britain to remain the go-to destination for the best scientists and innovators.

"We are investing in the rising stars of research and innovation to ensure Britain is where the products and technologies of tomorrow are developed," added Clark.