Joanna Tuffy (Labour)

I asked the Tánaiste to come to the House to outline the approach of the Government to managing the spend of €2.5 billion allocated to research and development in the national development plan. This country is committed to continuing to develop the knowledge based economy. The Tánaiste has often said that to sustain Ireland's economic growth we need to make the change from the investment driven economy we now have to an innovation driven economy. I strongly agree and have raised the issue on a number of occasions in the Seanad.

This change requires investment in research and development at a level we have not witnessed in the past. The funding allocated under the national development plan is most welcome. We need this investment both for research and development in industry, Irish owned and international Irish based, and our third level colleges and research institutions. The Government has signalled that it recognises the crucial role of research and development by including this proposed spend in the national development plan.