Mr. Noel Treacy T.D., Minister for Science, Technology and Commerce, today (Wednesday 28th April 1999) announced an additional allocation of £2.75m. of EU Structural Funds to support In-Company Research, Technology and Innovation (RTI). A decision to provide additional funding to the Scheme was taken at the Industry Monitoring Committee meeting held recently. The Industry Monitoring Committee which is made up of representatives from the European Commission, Government Departments and Agencies and the Social Partners is responsible for overseeing the management of the CSF Programme for Industrial Development 1994-1999.

In announcing the additional funding, Minister Treacy said that "a further allocation to the In-Company RTI Scheme is continuing recognition by the Irish Government and the European Commission (DGXVI-Regional Affairs) of the importance of RTI for the competitiveness of Irish Industry".

The In-Company R&D Scheme, known as Measure 1, was originally allocated £105m under the Operational Programme for Industrial Development 1994-1999. The Scheme proved to be a resounding success and all of this funding was committed by August 1997. Consequently, as part of the Mid Term Review of the CSF, an additional £29m was allocated and the Scheme was re-launched as the Research, Technology and Innovation (RTI) Scheme, in November 1997. A further £5.4m was allocated to the Scheme in October 1998 by the Industry Monitoring Committee in recognition of the likely demand for funding during the first half of 1999.

Minister Treacy stated that a total of 286 Companies have been approved for assistance under the RTI Scheme since the beginning of 1998. The pipeline of applications for the RTI Scheme which closes on 30 April is expected to result in a large number of further applications, which will be considered in monthly tranches, by the RTI Committee, over the coming months.

"These figures show that there is a very encouraging demand for the Scheme and a recognition by Industry generally of the need to perform RTI. A number of Industry representatives, including the Irish Research and Development Group (IRDG) and the Irish Software Association had approached me about the likely level of demand for the Scheme. The provision of this extra £2.75m, coming on top of the £5.4m allocated last October, will enable the RTI Committee to consider the possibility of funding some further quality RTI projects, given the expected pipeline," Minister Treacy said.

"It is clear therefore that funding for In-Company Research, Technology and Innovation has been instrumental in increasing the competitiveness of Irish industry, in particular indigenous industry. A large number of Irish companies have entered the field of research and innovation, thus enhancing their chances of growth. This is in line with one of the key objectives of the Scheme which is to encourage more companies into the RTI investment net and this must be welcomed," Minister Treacy concluded.