R&D spend rises 16% to €18.7bn

IRISH companies are continuing to invest in research and development (R&D) projects, despite the economic downturn.

Figures from enterprise agency Forfás show that R&D spend increased by more than 16% to €18.7 billion in 2009, with estimates adding that another increase is anticipated as part of 2010’s final figures.

“The results indicate that despite expectations, R&D expenditure in Irish indigenous businesses remained strong during 2009 and estimates indicate continued growth in R&D spend in 2010,” said Forfás chief executive Martin Shanahan.