In the 2015 Global Innovation Index, Ireland jumped to become the eighth most innovative economy in the world. Ireland's efforts in innovation have finally paid off, but to solidify its position in the global economy and promote sustained economic prosperity, it relies on the government's innovation support policies. In recent years, the Irish government has been striving to attract foreign investment and increase research and development spending. Recently, the Irish government launched a five-year plan aimed at stimulating innovation, increasing investment in research and development, which not only benefits the development of the domestic economy but also attracts more investors to choose immigrate to Ireland for innovative development.
The five-year innovation plan was jointly developed by various departments, calling for an increase of approximately one-third in total research and development investment, reaching 2% of the Gross Domestic Product. In cash terms, this means that by 2020, government and private spending will rise from last year's €2.9 billion to about €5 billion annually.
"I am pleased to see the Irish government committing to increase overall spending on research and development," said Kevin Mitchell, a neuroscientist at Trinity College Dublin. "After many years of crisis management, it is fantastic to see longer-term strategies and plans taking shape."
This 88-page document includes many quantitative targets, such as doubling private investment in public research each year, increasing it to €48 million; increasing the number of research personnel in enterprises by 60%, reaching 40,000; and increasing the enrollment of master's and doctoral students in disciplines that meet the needs of enterprises and other countries by 30% each year, reaching 2,250.
The plan calls for the establishment of competitive funding for frontier research by 2017, although it does not specify the amount of funding. "We certainly hope that this plan will be given a substantial budget to balance the strong focus on industry-oriented research in other parts of the overall strategy," Mitchell stated. He was one of the 1,069 scientists who signed an open letter to the government in March of this year, urging the government to refocus on basic research.
The government also announced that it would explore joining the European Organization for Nuclear Research (CERN) and the European Southern Observatory. Among them, CERN is a European laboratory for quantum physics located near Geneva, Switzerland.
Meanwhile, regarding private investment in research and development, the document calls for government agencies to assess tax credits and other incentive measures.
The new strategy has been welcomed by the Irish Business and Employers Confederation and the Irish Universities Association (IAU). "These initiatives will support a broader range of research fields and equip Ireland better to find solutions to the complex challenges we face," said IUA President Ned Costello.