'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.

"Instead, the future is between our two ears. We must add intellectual value to the Irish workplace.

"Research, development and innovation are needed. People must think laterally and develop new ideas," he said.

"It is my view that no funding should be given to support inward investment that doesn't have a research and development element.

"We have to have an economy that's competitive and productive and must invest in the future and particularly in the creation of ideas," said Senator O'Toole.