Government invested €808m in research and development in 2019
10 December 2019 | 0
A report published by the Dept of Business, Enterprise & Employment has shown a 5.5% increase in research and development spending in Ireland for 2019.
Based on figures compiled from 30 government agencies, The Research and Development Budget 2018-2019, reported a total investment of €808.1 million
The Dept of Business, Enterprise and Innovation and its Agencies (Science Foundation Ireland, InterTrade Ireland, Enterprise Ireland and IDA Ireland) were responsible for over half (47.6%) of all government R&D investment in 2018 at €364.8 milion.
Additionally, it outlined how business, higher education and government agencies have been spending on R&D in Ireland. In 2018, the gross expenditure in the Irish economy from these sectors was €3.7 billion. The highest expenditure on R&D continues to be within the business sector, which accounted for €2.7 billion.
“Research and development are key drivers of competitiveness, productivity and economic growth,” said Minister for Training, Skills, Innovation and Research & Development John Halligan. “Ireland’s future economic growth and prosperity will depend in very large measure on our continued investment in R&D. This state investment is all about developing a competitive, knowledge-based economy and society, driving innovation in enterprise, building human capital and maximising the return on R&D investment for economic and social progress.
“It is encouraging to see the increased provision in 2019, especially given the competing demands and continuing pressure on public finances. This positive momentum must be maintained and we must continue to give R&D funding sufficient priority to ensure Ireland becomes a global innovation leader.”