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Martin launches €17m competitiveness fund for Irish industry
By Finfacts Team
May 4, 2005, 14:59
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| Minister for Enterprise, Trade & Employment Michéal Martin TD |
The Minister for Enterprise, Trade & Employment, Michéal Martin TD said today at the launch of Enterprise Ireland’s Strategic Plan for Irish Industry, that the Enterprise Strategy Group’s report “Ahead of the Curve – Ireland’s Place in the Global Economy” provided a blueprint for the actions that need to be taken to secure and build on Ireland’s position as a developed economy.
The Minister said that over the last number of years Enterprise Ireland has supported 470 firms, which today employ 7,500 people and have a cumulative turnover of approximately €1billion. These firms represent a new breed of globally competitive Irish industry based on knowledge and innovation. They are a pointer towards the future of Irish industry.
Martin said that Irish companies must increasingly compete through innovation, superior market knowledge and a relentless focus on productivity gains and increased automation. Ireland will need to see substantially increased levels of applied research in Irish firms and must foster an environment where there exists a close working relationship between companies and third level colleges.
Enterprise Ireland has undertaken a complete re-engineering of its overseas network and marketing supports, both in terms of business process and organisation structure, with a clear focus on client need.
The Minister announced Ithe establishment of a new competitiveness fund, the ‘Productivity Improvement Fund’ with a total budget of €17 million until the end of 2006, to assist Irish industry in its on-going drive for efficiency and economic competitivness.
"My Department has already sanctioned a €20m increase in R&D expenditure by Enterprise Ireland in 2005 and a new cabinet sub committee on Research & Development has been established, and charged with providing a detailed road-map towards the achievement of a 2.5% spend on R&D in line with the Lisbon Target," the Minister said. "I should add that in supporting Irish industry EI does not exist in a vacuum and therefore partnership with other state bodies, with CEB’s and with academic and research institutions will be vital to future success," he added.
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