Research spending key to foreign investment

MULTINATIONAL companies may no longer invest in Ireland if spending on research is not increased, the Government’s chief scientific adviser has warned.

Patrick Cunningham said that while labour costs have increased relative to other economies, Ireland’s improvement in international research and development rankings remains an attraction for foreign investment.

He said that almost 50 of about 130 multinational project renewals, expansions or first-time investments secured by the IDA in the past year were in the research and development area.