Ireland must double its spending on research, development & innovation (RDI) to 3% of GDP within the next decade according to a new report released today by the American Chamber of Commerce Ireland. Ireland's Innovation Pathway: Attracting Investment; Driving Economic Growth articulates a vision for Ireland's RDI environment that will retain and attract US foreign direct investment.
Speaking at the launch of the report, Mark Redmond, Chief Executive of the American Chamber said "Research, Development and Innovation is fundamental to growing the Irish economy. Achieving a global leadership position in RDI will future-proof the Irish economy against global competition for investment. By 2025 a successful implementation of this strategy should support further positive increases in US FDI in Ireland over the period."
According to Mr. Redmond "There is a need to re-assess Ireland's proposition for FDI. This report suggests a strategy to do so and to build a robust and vibrant RDI ecosystem and to identify shared industry-state investment projects to take on significant societal or economic challenges and achieve world class outcomes."
Key Actions recommended within the report include:
- Remove complexity within the current RDI system
- Provide ease of access to the RDI system by ensuring enterprise agencies are client-centric and that the person responsible acts as an "ambassador" and as a single point of focus for the State.
- Internationally rank RDI centres in terms of their scale, scientific and engineering reputation and proven leadership in particular knowledge and technology domains.
- Use the on-going Strategy for Science Technology and Innovation process to align objectives and targets to achieve a more balanced portfolio of investment with greater focus on RDI impact on the economy.
- Develop, attract and retain key talented individuals and global leaders in RDI
Mark Redmond, Chief Executive of the American Chamber concluded "FDI in Ireland has proven to be robust and resilient, providing a source of stability for the Irish economy. Ireland can win increased investment by focusing on excellence, innovation and sustaining investment certainty and that our suggestions in the paper will enhance our attractiveness for new investment to retain and grow employment in Ireland."