I read in another question that you can increase the JRE memory allowance for an app through Window -> Preferences in Eclipse, but I can’t seem to find anything related to heap memory allocation. Editing -xms/xmx values in eclipse.ini doesn’t help since those are for Eclipse itself.
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I believe when Run > Debug Configuration (or Run Configuration), then Arguments tab and in the VM arguments input you can specify arguments you want to use there.
NOTE: Eclipse has this to say about
VM Arguments