Martin said the investment will ensure Irish companies remain at the cutting edge of research and development into the future.

He added that in line with government policy to cut red tape for business, the new grant scheme will be streamlined to make the application process as straightforward as possible.

“Ireland has developed a reputation as being a top location for groundbreaking research. Collaborations between our third level institutions and companies are at the core of this. Projects already underway are researching how to combat disease, improve communication technology and develop products of the future.”

“These collaborations ensure Ireland remains a location where companies can rely on expertise to develop new products, many of which will ensure we remain a base for high tech quality jobs in the years ahead. I am delighted our scheme encourages such co-operation,”
said Martin.