The plan will be judged on the Government's ability to deliver, employers and trade union leaders have warned. However, there was general agreement that it would facilitate progress in the current talks on a successor to Partnership 2000.
IBEC director Mr Peter Brennan described the figures in the plan as "awesome", but said they represented a consensus between the social partners on what was needed to transform the economy.
He said the "highest priority should be attached to the timely delivery of projects on the ground. Thus IBEC has proposed to Government that planning permission should be secured before the end of 2000 for all the major infrastructure projects identified, especially in respect of the primary roads network and public transport.
"If legal challenges persist, then the High Court should be resourced until the backlog in cases is eliminated. Equally, if An Bord Pleanala or the National Roads Authority need additional expertise this should be acquired until all bottlenecks in the planning system are removed."
The general secretary of the ICTU, Mr Peter Cassells, also welcomed the plan but questioned the emphasis in some areas. He suggested, for instance, that with workers spending two or three hours a day travelling to work, the decision to spend £4.7 billion on roads and only £2.2 billion on public transport needed to be revisited.
"Massive investment in public transport is required to stop our cities grinding to a halt," he said. He added that workers had a right to seek a rebalancing of priorities because the £40 billion available for investment was largely as a result "of the hard work and sacrifices made by working people over the past 10 years".
Mr Cassells said there was need for "a wider definition of social infrastructure to include community, cultural, sporting and recreational facilities.
"Social investment must be targeted specifically at disadvantaged areas, including large suburban communities which are experiencing serious social problems because of lack of amenities," he said.
He expressed disappointment at the level of investment in childcare facilities. "Congress will be demanding a national framework for childcare with a significant increase in places and assistance to families in meeting the cost of these places."