A €500m Innovation Fund has been launched by the Taoiseach Brian Cowen at the New York Stock Exchange.
Mr Cowen is on a three-day visit where he will hold meetings with the chief executive of the New York Stock Exchange Duncan Niederauer and city mayor Michael Bloomberg.
Mr Cowen said the fund is "a key pillar of the Government's Smart Economy strategy" and will lead Ireland to a high-value export led economy.
He added that if the Government is successful in turning Ireland into a global hub - up to 120,000 new jobs could be created by 2020.
The Taoiseach will travel to Atlanta, Georgia to open a new Irish consulate there – the first Irish diplomatic mission in the US south.