European Commission head Jean-Claude Juncker on Wednesday proposed to double his flagship EU investment plan to 630 billion euros by 2022 in a bid to boost the economy.

"Investment means jobs. Today I am proposing to double the duration and firepower of the our investment fund," Juncker told the European Parliament in Strasbourg as part of his annual State of the Union speech. 

The original Juncker investment plan, launched in 2015, had a target to stimulate the European economy by 315 billion euros ($350 billion) over three years.