The Government is to announce a €500m package to stimulate private sector spending on research and development.
Minister for Enterprise, Trade and Employment Micheál Martin will announce details of the fund, which will include grants, tax breaks and other incentives for Irish- and foreign-owned companies.
Funding will be available to companies of all sizes and stages of development.
Under the terms of the EU's Lisbon Agenda, the Republic has committed to spending 3 per cent of GDP by 2010.
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In 2006, the Republic's gross spending on R&D as a proportion of GDP stood at just more than 1.3 per cent, while the EU average is 1.8 per cent.