'Disgracefully little' wealth invested in R&D

"DISGRACEFULLY little" of the wealth generated in the Irish economy during the last 15 years has been re-invested in research and development, one of the country's most outspoken trade unionists has warned.

Former Irish Congress of Trade Union's president and Senator Joe O'Toole said Ireland's manufacturing sector will continue to do poorly and the country's future lies in the hi-tech sector.

Addressing students at Waterford Institute of Technology Senator O'Toole predicted the demise of Irish manufacturing which he said would "not be the future" of the economy.