Ireland has the potential to become one of the leading centres for biotechnology research and development in the world, Mr Hugh Grant, chief operating officer and business manager for US biotech company, Monsanto, said yesterday.

Initiatives taken by the Government, including the setting up of the £560 million (€711 million) Technology Foresight Fund, had given Ireland a head start, he said.

"What's so unique about Ireland is there was this forethought that I haven't seen, not just in Europe, but anywhere else in the world," he said.

"Ireland is competing against a number of other European countries and I believe that a first move advantage is important because you're competing for talent around the world."

The Technology Foresight Fund will support research into biotechnology and information and communications technologies.

Mr Grant played down concerns expressed in some quarters over the safety and future health effects of genetically modified products, claiming that the products have a long history of scientific testing and extensive marketplace adoption.