R&D investment to strengthen NI's knowledge base

Over £80m is expected to be leveraged by a new Research & Development (R&D) investment in centres of excellence in the province.

Speaking at the opening session of the US-Ireland Business Summit in Washington, Sir Reg Empey said that the funding would be used to assist companies and universities in Northern Ireland develop innovative products for global markets.

Sir Reg said the new R&D centres of excellence initiative is being created with European Union backing to strengthen the knowledge base of the Northern Ireland economy.

The Minister said support for the R&D drive is being provided by European Union PEACE II Programme through the Departments for Enterprise, Trade and Investment and Employment and Learning “to undertake commercially-focused R&D aimed at increasing company competitiveness.”

Sir Reg said: “This new investment in R&D reflects our recognition that innovation, knowledge generation and technology transfer are the key drivers of the modern economy.

“We anticipate that the funding support from the EU and Northern Ireland Departments will leverage a total investment in excess of £80 million over the next three years as participating companies develop the innovative products and processes required to achieve faster growth.

“Commercial and market orientated collaboration between industry, academia and government is essential and is central to the creation of a modern, knowledge-led economy.

“The new centres will sharpen the technical capabilities and overall competitiveness of our companies by adding substantial value to the commercial activities of these businesses,” he added.

The Minister said the investment in R&D was a further demonstration of the Northern Ireland Executive’s focus on initiatives, including the creation of the Northern Ireland Science Park, to strengthen and broaden the knowledge base of the local economy.

Sir Reg was speaking at the Summit’s opening session with Secretary Don Evans, US Department of Commerce and Mary Harney, the Republic of Ireland’s Deputy Prime Minister and Minister for Enterprise, Trade and Employment.

Over 300 senior representatives from industry, academia and the public sector in the US, Republic of Ireland and Northern Ireland are taking part in the three-day business Summit which ends on September 6.

(SP)