Increase in Spending on Research and Development Welcomed

Nov 17, 2016

Economy Minister Simon Hamilton MLA has welcomed an increase in spending on Research and Development by Northern Ireland businesses.

The Minister was commenting as the 2015 Research and Development Survey was published.

"With some 90% of the latest increase in R&D expenditure coming from business in the private sector, I think we can feel confident that we are heading in the right direction.”

Simon Hamilton said: “I am very encouraged by these latest figures. Investment in research and development is critical to future economic growth. With expenditure up by 24% on 2014 and the number of companies, particularly indigenous companies, spending on R&D increasing from 659 to 714, this is definitely a move in the right direction and something I want to further encourage." 

The Minister continued: “We are only at the start of our journey having come through the downturn and made significant strides forward in re-balancing our economy. Innovation in all its forms is central to this journey and with some 90% of the latest increase in R&D expenditure coming from business in the private sector, I think we can feel confident that we are heading in the right direction.”

The 2015 Research and Development Survey is available here

 

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