Economy Taskforce Appointed

The Taoiseach has appointed a special taskforce to turn around the economy.

The taskforce has been set up to support the development of 'Smart Economy', pushing Ireland's credentials as a hub for innovation and research and development.

It will form part of the Government's economic renewal plan that was launched last December.

Brian Cowen said the panel would advise the Government on how best to present Ireland as an international innovation hub.

“While weathering the worst global recession of our lifetime, it is imperative that we position Ireland so that we can take advantage of the global upturn when it comes," the Taoiseach said.

He added it was important to restructure Ireland's economy to take advantage of the global upturn when it comes.

Chaired by Dermot McCarthy at the Department of the Taoiseach, the panel's other members include senior academics and bosses at the likes of Intel, HP, Cisco, KPMG and Johnson & Johnson.

It will set out to increase the commercialisation of research and development; speed up the link-up of private and public organisations, and to identify policy measures that are needed to support the concept of Ireland as an innovation hub.

Tánaiste, Mary Coughlan said Ireland had had considerable success in attracting foreign investment to Ireland and over 40% of that investment was now in high-value R & D.

She said: "We must now build on the progress made in the Strategy for Science, Technology and Innovation so as to ensure that we move up the value chain to become a smart economy with a high-value, research-intensive, multinational community and a thriving set of innovative Irish companies.

"I look forward to hearing the views of the Taskforce on how we can achieve this ambitious strategy.”

(DW/BMcc)