Taoiseach Announces E40 Billion Stimulus For Growth And Job Creation
Release date: 27 Jul 2010
The Taoiseach, together with the Minister for Finance and the Minister for Environment, Heritage and Local Government has (26th July) launched the Government's Infrastructure Investment Priorities for 2010 - 2016 at the new National Convention Centre in Dublin.

The Taoiseach said: "Over the next seven years we will invest €40 billion in economic and social infrastructure. We have reviewed all our capital programmes and identified new priorities and opportunities given the changed circumstances the country faces."

"We are focusing on investments which will help create sustainable jobs - by shifting resources to areas which will help Irish companies grow, and attract more foreign investment."

The Taoiseach said the new investment programme is ".ambitious, appropriate and affordable. It is exactly the type of stimulus that the economy needs to help rebuild confidence and accelerate economic recovery. More than anything else, it is a clear statement of confidence and optimism about Ireland's future. "

The Government has completed a comprehensive review of its Public Capital Investment Programme. It will invest €40 billion over seven years to support recovery, prioritising productive and employment-supporting sectors, including enterprise and innovation, education, public transport and environmental services.

Among the key allocations are:
  • 4.21 billion euros for education
  • 2.89 billion euros for health
  • 3.69 billion euros for enterprise
  • 5.77 billion euros for public transport
  • 5.97 billion euros for roads
  • 3.66 billion euros for environmental services

    INVESTING IN RESEARCH AND INNOVATION
    Ireland's economic success depends on building up our base of human capital, and ensuring strong links between third and fourth-level sectors and enterprise. Continued success in attracting foreign direct investment and the ability to build ireland's own enterprise base depends on a supply of well-educated young people. €650 million will be invested in third level capital facilities over the period.

    In excess of €2.4 billion will be invested through Science Foundation Ireland and Enterprise Ireland's Science Technology & Innovation programmes, with a stronger emphasis on prioritisation of research funding, commercialisation of research outputs, and linkages to industry.

    Funding will be available for the implementation of many of the recommendations of the Innovation Taskforce. The fifth round of the Programme for Research in Third Level Institutes (PRTLI) will provide €360 million for research infrastructure. In addition, significant expenditure will be provided for sectoral research agendas - in areas like energy, food, the marine and the environment.

    A €500 million Innovation Fund - Ireland will attract leading international Venture Capital companies to locate here, helping to make Ireland a Global Innovation Hub.

    This investment will ensure by 2016:
  • Establishment of nine new industry-led applied Competency Centres
  • A 30% increase in the number of firms with 'significant R&D'
  • A 10% increase in the number of firms with 'meaningful R&D'
  • Science Foundation Ireland will fund over 330 Principal Investor-led research teams
  • Significant further growth in the number of patents and licensing agreements
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    Article Id: 320239
    Release date: 27 Jul 2010