Investment in research and development is to exceed €1.5 billion for the first time, it was revealed today.
According to the Department of Enterprise, Trade and Employment, spending on R&D in 2005 increased by 10 per cent to reach €1.33 billion and it is set to increase by another 17 per cent to €1.56 billion when 2006 figures are completed.
Minister for Enterprise Micheál Martin said such high levels of investment were vital for the growth of the economy.
"It is critical that our manufacturing and business enterprises invest as never before in the knowledge and skill enhancing activities that will underpin their competitive position into the future", the Minister said.
The Strategy for Science, Technology and Innovation, funded as part of the National Development Plan, set a target to grow R&D spending from €1 billion in 2003 to €2.5 billion by 2013.