Spending on R&D must rise by €1.5bn

COMPANY spending on research and development (R&D) needs to rise by over €1.5 billion by 2010 according to a new report.

The report by an expert group set up by Tánaiste Mary Harney says spending on R&D, which was just over €900 million in 2001 must rise to €2.5 billion by the end of the decade if the country is to sustain employment and economic competitiveness.

The report said national spending on R&D was about two-thirds of that of our European counterparts at 1.4% of gross national product (GNP). In Sweden, the figure is 4.2% of GNP and 1.8% in Britain.