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Under the German Presidency of the Council of the European Union, renowned experts from academia and industry were invited to contribute to an expert paper which outlines the perspectives of a Knowledge-Based Bio-Economy (KBBE) within the next 20 years. The resulting so-called “Cologne Paper” was published on 30 May 2007 in Cologne. The paper was the first document which assisted policy-makers in identifying priorities and adopting measures to establish a “bioeconomy”. Already this early document identified biotechnology as an important pillar of the future European economy, essential for sustainable economic growth, employment, energy supply and the maintenance of living standards. The paper in detail contains the following aspects: 1. Framework, 2. Food, 3. Biomaterials and Bioprocesses, 4. Bioenergy, 5. Biomedicine and 6. New Concepts and Emerging Technologies.