US chamber urges R&D spending hike

THE American Chamber of Commerce of Ireland has warned Ireland could lose out on further overseas investment if it doesn’t increase its research and development (R&D) investment.

The chamber called for an annual R&D spend of €5 billion by 2010 and says that Ireland must double the level of R&D spending recommended in this year’s Science Strategy for Technology and Innovation report. Ireland’s current level of R&D investment is below 2% of GDP.