£560m Technology Foresight Fund Launched Single Biggest Investment In Research And Development Ever Made In History Of The State - Tánaiste Ireland Is Now Set To Become An International Centre Of Excellence For High-Technology Research - Harney Initiative Forms Integral Part Of New Industrial Development Strategy

Tánaiste and Minister for Enterprise, Trade and Employment Mary Harney to-day (Wednesday 8th March, 2000) launched a £560m Technology Foresight Fund. The Fund will be used to establish Ireland as a location for world class research excellence in niche areas within Information and Communication Technologies (ICTs) and Biotechnology.

The Tánaiste also announced that a dedicated Research Foundation will be established to evaluate research projects and to manage and allocate funding. The Foundation will put in place appropriate procedures for a competitive international peer review process to fund world class research within the niche areas identified.

Speaking at the launch the Tánaiste said "the new Fund is an integral part of the Government's new industrial development strategy. It will be used to develop Ireland as a dynamic location for innovation, particularly in the technologies of tomorrow."

"Ireland's recent strengths and overall economic success has been built on competitiveness and the time is now opportune for the Government to make a substantial commitment and investment in our future competitiveness".

"Industry and related international investment are becoming increasingly knowledge based as new research and technologies translate into global products and services." "Therefore we need to focus now on building new sources of competitive advantage for indigenous companies and on ensuring that Ireland becomes one of Europe's most attractive locations for knowledge based, high-tech enterprise, both Irish owned and foreign owned," the Tánaiste continued.

"The establishment of this Fund will send a strong signal to international investors that Ireland is clearly focused on sustaining and improving the conditions to maintain economic progress and enhancing future growth prospects.

"This investment is in world class people and new knowledge creation. This will lead to innovation based on a combination of scientific, technical, commercial and financial factors."

In conclusion the Tánaiste said "Future competitiveness will depend on the creation and utilisation of new ideas. Ireland must lead from the front in areas where we have particular strengths by being world class and industry focused."

Speaking at the launch today the Minister for Science, Technology and Commerce, Noel Treacy, T.D., paid tribute to the many individuals and groups who shared their expertise and time freely to the Technology Foresight study, which was carried out by the Irish Council for Science, Technology and Innovation.

We have listened very carefully and attentively to the wider research and business community and are satisfied that our proposal reflects a balance between the demands of the both education and industrial sector."

Minister Treacy concluded "The Department of Enterprise, Trade and Employment and Forfás will expedite progress in setting up the Foundation. They will be assisted in this Task by a high-level implementation group comprising individual experts with strong high level relevant experience and achievement in industry, in the third level sector, and in public sector management. This Group will be chaired by the Department and will report back to the Tánaiste and myself within three months."