R&D spending up, but more needs to be done – DETI CommitteeFollow @PwC_NI
Northern Ireland lies sixth amongst the twelve UK regions in terms of business expenditure on R&D (BERD), according to a report from Stormont’s Committee for Enterprise, Trade and Investment.
The report into developing the local economy through innovation and R&D says that R&D expenditure has risen by 95% in the fast five years.
The Committee confirms that, in 2010, over £500million was invested by Northern Ireland companies and research institutions in R&D – the highest annual figure recorded to date.
Nevertheless, the report warns that annual expenditure on R&D in Northern Ireland and the level of innovation activity in local firms remains lower than is needed to stimulate greater competitiveness.
Responding to the Committee findings, Economy Minister Arlene Foster said that stimulating innovation was the underpinning theme of the Executive’s Economic Strategy. She agreed that innovation is the key driver of productivity and economic growth and is therefore critical to improve overall levels of productivity.
The Minister also revealed that the Executive’s Economic Strategy will be supplemented by an Innovation Strategy and accompanying action plan which will be published later this year.
Email: John Compton
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