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Irish Trade Minister Pledges Increase In R&D Spending

by Jason Gorringe, Tax-News.com, London

11 November 2004


According to reports in the Irish media this week, Minister for Enterprise, Trade and Employment, Micheál Martin has unveiled plans to bring research and development (R&D) spending in the Republic up to the European average of 1.9% of Gross National Product (GNP).

Speaking at a conference jointly hosted by the Irish Business and Employers Confederation (IBEC) and the American Chamber of Commerce in Ireland, Mr Martin revealed that some progress has been made in this area, and that spending of EUR2.5 billion has already been allocated to increasing R&D activity between 2000 and 2006 under the National Development Plan.

However, under new goals set last year by the Irish government in its Action Plan, business investment in R&D is supposed to increase from EUR917million in 2001 to EUR2.5 billion by 2010.

"The next step is to turn goals into action," Mr Martin told those attending the conference.

The Enterprise Minister went on to praise initiatives such as the 20% tax credit introduced this year for qualifying incremental spend as a step in the right direction.


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