Vol. 460 No. 5
18 Dr. McDaid asked the Minister for Enterprise and Employment if he will make a statement regarding the Research and Development Ireland/ US Programme which was announced by President Clinton during his recent visit to Ireland; and the current situation regarding this programme and on the proposed Ireland Technology Transfer Fund. [17695/95]
I would like to inform the Deputy that the International Fund for Ireland recently established a programme, known as "Research and Development between Ireland and the US" or "RADIUS". I wish to express my support and to commend the International Fund for Ireland for this initiative.
RADIUS is a technology-based market driven programme which will support product and process development joint ventures between companies in the Border counties and the USA and between companies in Northern Ireland and the USA. The programme will be administered here by Forbairt and I understand that full guidelines for the scheme will be available in Forbairt's regional offices this week.
I presume that the Deputy's reference to the international technology transfer fund refers to a proposed private venture capital fund mooted by Mr. John Cullinane, president of the Cullinane Group of Boston, during a visit by a number of American business people and venture capital promoters to Ireland late last year. Mr. Cullinane proposed raising some 30 million US dollars from private investors which would be targeted at high growth, technology based companies in Ireland, North and South.
I understand that a fund raising operation has begun. This is, as I stated, a private fund and it is, therefore, not one in which I have a direct function.
