The American Chamber of Commerce Ireland has welcomed the publication today of the Government’s new innovation strategy, Innovation 2020, which plans to increase spending on R&D to €5bn by 2020.
Speaking about the publication Mark Redmond, Chief Executive of the American Chamber said “This plan shows the commitment to placing innovation at the very heart of Ireland’s enterprise strategy. With the thriving ecosystem of multinationals working with local SMEs, research centres and education institutes, the country is well placed to benefit from increased innovation.”
The American Chamber has previously published an innovation strategy ‘Ireland’s Innovation Pathway’ and Mark Redmond commented that “This new plan from Government is ambitious, innovative and is a positive contribution to building upon Ireland's economic recovery. The commitment to increasing spending on R&D to 2.5% of GNP by 2020 is a step in the right direction towards the target of 3% of GDP by 2025, which has been recommended by the American Chamber. Achieving a global leadership position in RDI will future-proof the Irish economy against global competition for investment.
The commitment to the introduction of ‘challenge based funding’ was also welcomed by Mr Redmond, likewise the commitment to supporting greater public-private collaborations, “These collaborations are essential to fuel future innovations. In 2015, we launched our Research Innovation Awards, a major objective of which is to showcase the world class research conducted between Irish HEIs and research centres and our own member companies.”
Mark Redmond concluded “a critical success factor for the implementation of this plan will be ensuring Ireland has the ability to attract and retain talented people, which is an essential component for Ireland to establish a reputation as a global leader for innovation.