Jimmy Devins (Sligo-North Leitrim, Fianna Fail)

Our economy is at a watershed. Today my colleagues in government spoke of difficult and prudent savings decisions taken across a range of areas to correct the current fiscal downturn. The downturn affects not only the Irish economy but a number of major global economies, which in turn impact negatively on the situation here. What we have done is appropriate, prudent and timely and is a mature recognition that the nettle needs to be grasped very firmly indeed.

Notwithstanding the difficult economic situation, the Government has recognised the vital importance of sustained investment in my area of research, development and innovation. The major investment, begun under the strategy for science technology and innovation in 2006, has been underpinned and the agreed funding will be substantially maintained in 2008. In 2008, just under €320 million is available under subhead F of the Vote of my Department of Enterprise, Trade and Employment to build the skills needed for a modern knowledge-based economy and to strengthen Ireland's research base.

This funding is provided to build a robust research system and to support efforts to bring the output of Ireland's growing research base to the marketplace. By allocating these moneys the Government is supporting the efforts of the enterprise community to develop new products, stay competitive and win new markets. Under the national development plan these investments enable Enterprise Ireland to meet its export targets and IDA Ireland to win high quality foreign direct investment.

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