There is a need to focus on building new sources of competitive advantage for indigenous companies and ensuring that Ireland becomes one of Europe's most attractive locations for knowledge based enterprise, both Irish and foreign owned. The outcome of this would be to achieve the greatest economic and social benefit and to sustain industrial competitiveness in the long term. The skills of the labour force can be developed by investing in personnel with world-class research excellence at the critical mass required to give Ireland an international reputation in selected technological niches and, in particular, in information and communication technologies and biotechnology.