Ireland Boosts Innovation Funding Amid Global Financial Challenges

State funding for innovation and research in Ireland is set to increase significantly as part of a new competitiveness plan aimed at addressing global financial uncertainties and the impact of tariffs from the United States. The initiative, initially outlined in the Programme For Government, has been expedited by Minister for Enterprise Peter Burke due to escalating geopolitical tensions. Approval for the plan will be sought at the Cabinet meeting on Wednesday, with a formal launch scheduled for the afternoon featuring Taoiseach Micheál Martin, Tánaiste Simon Harris, Minister Burke, and Minister of State Seán Canney.

Central to this strategy is a proposed “step change” in funding for innovation, which will enhance collaboration between industry and higher education institutions. This increase in investment is prompted by studies indicating that expenditure on research and partnerships can significantly advance economic growth. The plan includes 26 priority actions, such as establishing new frameworks for artificial intelligence (AI), intellectual property (IP), and support for start-ups.

As Minister Burke prepares to address his Cabinet colleagues, he is expected to emphasize that many trade dynamics are beyond Ireland’s control. He will advocate for targeted funding strategies that focus on the future of foreign direct investment (FDI) in Ireland. To achieve this, Burke will highlight the need for skilled talent and the urgent requirement to address infrastructure deficits.

In addition to innovation funding, Minister for Housing James Browne will present a proposal to allocate €50 million to enhance the Social Housing Second-Hand Acquisitions Programme for 2025. This funding aims to assist households in transitioning out of long-term emergency homeless accommodation. Browne plans to emphasize the concerning number of children and young people residing in temporary state housing, which he deems unacceptable.

To tackle this issue, the funding will primarily target larger families with children and those participating in the Housing First programme. Allocations will focus on the eight local authorities with the highest numbers of households in emergency accommodation for over 24 months in the Dublin area, as well as those in similar situations in the remaining regions.

In a separate discussion, Taoiseach Martin will report on the coalition’s consensus regarding increased pressure on Russia, particularly through enhanced sanctions. This coalition, which now counts 32 countries, predominantly from the European Union, reflects a commitment to ongoing support for Ukraine. Ireland has pledged to maintain non-lethal military assistance to Ukraine, including training efforts and measures to expedite Ukraine’s accession to the EU. Furthermore, Ireland is contemplating involvement in a peacekeeping mission should a ceasefire or peace agreement be established.

Minister for Social Protection Dara Calleary will also seek Cabinet approval for a new National Child Poverty Target, aiming for its achievement by the end of 2030. The Department of Social Protection is currently formulating targeted measures to help lift children out of poverty, with a particular focus on the working family payment and child support payment, which have proven effective in diminishing the risk of poverty.

As these initiatives unfold, the Irish government aims to navigate the complexities of a changing global landscape while prioritizing the welfare of its citizens and the future of its economy.