The number of applicant companies for Research and Development Grants under the new Industry Research and Development Initiative, which is funded from EC Structural Funds, is approximately 190 to date. Fifty-three projects have been approved for grant assistance totalling approximately £23 million in 1993.
With regard to the level of research and development by companies in this country, I would have to say that I am not satisfied with the current level. The most recently available data (1991) shows Irish Business Expenditure on R & D at £176 million or 0.55 per cent of Gross Domestic Product compared to the EC average of 1.3 per cent. Within the EC, only Spain, Portugal and Greece spend a lower proportion of GDP on Research and Development.
However, I am heartened by the fact that there has been growing emphasis on R & D by industry in Ireland as evidenced by the level of interest by companies in the R & D Initiative.