Fine Gael Frontbench Spokesperson on Innovation & Research, Deirdre Clune TD, has welcomed the Government’s announcement of the €359 million investment in third level research and innovation.

However, Deputy Clune called for the funds to be invested in a focused manner in order to have the greatest possible impact on economic recovery.

The announcement of €359 million for research and innovation in the third level sector is welcome news. It is important that such critical investment in the area continues even in the difficult economic conditions that have been allowed to develop.

Supporting and encouraging research and innovation in our third level sector is crucial to help Ireland recover from our current economic troubles, and also to be recognised as a country committed to sectors where sustainable economic growth can be achieved in the future.

Now that this investment has been made available it must be focused in order to have the greatest possible impact on the Irish economy.

Both the Innovation Taskforce Report and the McCarthy Report raised legitimate concerns that research carried out in the third level sector can fail to make the jump to commercialisation.

The Innovation Taskforce Report made a number of recommendations setting out steps that could be taken to improve the current system and ensure that any investment in research results in improved knowledge transfer between our third level sector and industry. Any such improvements would yield the greatest possible return for our investment.