Jimmy Devins (Sligo-North Leitrim, Fianna Fail)

In 2008, IDA Ireland provided funding for 56 internationally mobile research-related investment projects and in 2009 it will continue to support a similar number of R&D projects.

The Government's commitment to investment in science, technology and innovation has never been more relevant than it is today. While the current economic crisis is creating real challenges for businesses, continued investment in research, development and innovation is essential to maintain competitiveness, to address shifts in markets and to prepare for economic recovery. The development of a "smart" or innovation-based economy is a key opportunity we all must grasp. We require a sharp focus on the fundamental principle that a small open economy must compete and be competitive globally. We must continue to invest in Ireland's research base as an important cornerstone underpinning our future competitiveness.

In this difficult economic climate, the development of a knowledge economy in Ireland is key to maintaining competitiveness. A strong science base matched by a shift in the capacity of our enterprise sector to create knowledge, to innovate and to exploit new knowledge across global markets is critical to Ireland's future.

In the current economic circumstances we will have to ensure the return on our investment in science, technology and innovation is maximised by a prudent application of resources, by active management and by careful co-ordination of the resources available. The structures to do this are in place and I have every confidence we will continue to build on the achievements to date.

What I wish to do today is to send a strong signal to Irish business that the way forward lies in staying competitive and maintaining an innovative edge over competition by developing new products and processes that will assist Irish enterprise to win new markets in the current challenging environment. This exhortation is backed by tangible financial support that will continue to be available through my Department's Vote and which will be a sound platform from which to spring forward to deal with the challenges facing us on many fronts.

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