Colleges get €360m funds boost to create hi-tech jobs

THE Taoiseach will today unveil the biggest research investment in the history of the State with a €359m announcement of funding.

Brian Cowen will launch more than 30 research projects, hosted by third-level institutions, to create hi-tech employment and drive economic recovery.

The Irish Independent has learned that the total fund will be €358.7m, with the highest allocation going towards a Trinity College Dublin biomedical sciences development at a cost of more than €75m.

Other major investments include a €53m UCD science centre, a €33m 'advancing medicine through discovery' project, while €19m has been earmarked for a UCC-backed project, 'translating biosciences into health'.

The projects are the fifth phase of an ongoing Programme for Research in Third-Level Institutions (PRTLI) and will be unveiled just days after the Taoiseach announced a €500m plan to make Ireland the 'innovation hub' of Europe, as part of his 'smart economy' vision.

Speaking yesterday, Enterprise, Trade and Innovation Minister Batt O'Keeffe said the Taoiseach's announcement will be a major development for the economy.

'What it does is it demands collaboration between institutes of technology and universities to drive research and development, which will result in commercialisation at the end of the day,' he said.

'I want far greater liaison between private industry and third-level institutions. I've already met the IDA and Enterprise Ireland and indicated this clearly to them,' he added.

The programme aims to train researchers in entrepreneurial and management skills to turn their research into commercial projects and services across the economy.

The announcement will bring to more than €1bn the total funding provided for the research programme since it was set up over 10 years ago.

It began in 1998 after Irish-American businessman and philanthropist Chuck Feeney approached former Taoiseach Bertie Ahern and offered to put up €95m for research if the Government would match it.

Since then, more than €865m in Exchequer and private funding has been allocated to higher education institutions.

- Anne-Marie Walsh Industry Correspondent

Irish Independent