Micheál Martin (Cork South Central, Fianna Fail)

It is a challenging agenda for us but not one that can easily be achieved. I acknowledge that it is easy to set the target but I want to get the blueprint as to how we go about achieving it. I am satisfied that research and development is the crucial agenda for Ireland if we are to remain competitive in future.

The centres for science, technology and engineering that come under the aegis of Science Foundation Ireland have brought world-class research to the country, including medical therapy, software engineering and nano-technology. Ultimately, they will have an impact on future products and services. A key element is the external peer review, whereby colleges must now submit strategic research to external review by panels. There is no favouritism or an inside tack — one must survive on the strength and quality of one's submission. That has brought about a change in the way universities prepare their submissions and thus organise themselves for future benefit.

On the indigenous side, our main objective is the internationalisation of Irish companies, to which Senator White referred. We need to grow quickly the number of small and medium-size Irish companies. Enterprise Ireland, in particular, sees that as its agenda. The enterprise strategy group has provided clear recommendations on how that should be done, which the Government has endorsed. Enterprise Ireland is restructuring itself to give greater strength to its section that deals with internationalisation.

Indigenous enterprise has had much success in the past ten years. Some of the criticisms of its performance have been rather harsh. According to a number of global measures, entrepreneurial activity in Ireland is probably the highest in Europe. Currently, one in 12 people working here is engaged in entrepreneurial activity. In the next ten years, we must bring that rate down to one in six, given the way the world economy is changing.

Enterprise Ireland sees its remit as assisting and facilitating companies to grow and develop. A recent review of Enterprise Ireland's start-ups recorded that 76% of the 470 companies started since the early 1990s are actively trading today. They are achieving sales of €1 billion and employ approximately 7,500 people. There are measurable successes from the Enterprise Ireland stable of client companies and we see that as being particularly important. It is of equal importance to Science Foundation Ireland's future agenda.

I referred to the approximately 130,000 jobs created by American investment here but Irish investment in the United States is creating up to 80,000 jobs. That fact is often overlooked.

I will now conclude by thanking Senators for their tolerance in facilitating my contribution. Senator White referred to a lunch at which her company was one of those nominated for an award for being the meat on the bone in terms of what we have all been discussing here.