More needs to be done to achieve R&D spending target

More work needs to be done if Ireland is to achieve its aim of spending 3 per cent of GDP on research and development by 2025, according to the American Chamber of Commerce.

Speaking at an event in Dublin on Wednesday, Brian Cotter, the chamber’s public affairs director said Ireland needed to target and scale up R&D related investments in order to keep ahead of the competition.

“Achieving a global R&D innovation leadership position will ‘future-proof’ the Irish economy against disruptive technological change and global investment competition,” he said.

Addressing the same event, Feargal O’Rourke, chairman, American Chamber of Commerce tax group and incoming managing partner at PwC, said maintaining Ireland’s status as an attractive location for R&D innovation was critical for winning foreign direct investment.

“There is more work to be done on refocusing and improving our overall RDI system including getting our R&D tax regime right. Further encouragement will be required to encourage FDI companies to participate and lead innovation and enterprise development through to commercialisation,” he said.