Recognising Ireland's push to become a knowledge economy, with a focus on research, development and innovation, Minister of State for Science, Technology and Innovation Jimmy Devins said he was pleased that his department's spending levels were not cut in the Budget. "What is being done is to hold the line in terms of the level of support provided to allow the consolidation of the investment made over recent years in the whole area of research, development and innovation," he said.

Some EUR6 million extra is also going to be added to the Science, Technology and Innovation department's coffers (carried over from the 2008 Budget allocation), which Devins said brings the budget to EUR317 million. The money will be used by Enterprise Ireland, IDA Ireland and Science Foundation Ireland to provide support to Irish businesses, attract FDI, promote commercialisation of research, and encourage collaboration between industry and the education sector.

Devins also welcomed the introduction of a tax relief scheme for the acquisition of intangible assets, including intellectual property. While details of the scheme are yet to be worked out, Devins is confident the measure will help to attract "high quality employment to this economy".

For more details: http://www.enn.ie/story/show/10125126