Frank Fahey (Galway West, Fianna Fail)

I thank Senators for their support in the passing of this Bill and goodwill in the establishment of Science Foundation Ireland. I thank the staff of the Office of the Attorney General and the Office of the Parliamentary Counsel for their assistance in drafting the legislation as well as the staff of my Department which has done such a wonderful job in the preparation and honing of the Bill.

We must change from being an economy which produces goods and services, based on knowledge and ideas generated elsewhere, to one which generates knowledge and innovative ideas from investment in our own research. The most exciting developments in the world today utilise new scientific discoveries. By focusing on its priority areas of biotechnology and information and communications technology, Science Foundation Ireland is investing in areas with the potential to change the lives of future generations. Given that the emphasis of Government policy is on moving towards a knowledge based economy, Science Foundation Ireland will have a critical role to play in improving our ability to undertake top class research and development across the spectrum, particularly in the biotechnology and ICT sectors.

The essence of the foundation's work will be to provide the funding for the various sectors, particularly the university sector, through the research grants scheme which will provide support for our top young researchers to progress and become the best in the world. In Bill Harris, as director general, we have one of the most influential and well respected people in the world. As the House is aware, he comes from the National Science Foundation in the United States where he has been a leading professor. Since he has come to Ireland, his leadership has lifted us onto a new plain. I am confident that, with his leadership and a board made up of the most eminent people in the area of science and technology, we now have the ability to compete with anyone else in the world in terms of being at the leading edge of research. I take this opportunity to wish the foundation well.