Irish election: Ask 1 - Radically increase R&I investment
Research and innovation (R&I) is the engine of a thriving modern economy and society. Investment in R&I is a key driver of economic growth: it boosts business productivity, creates high value jobs, unlocks technological advancements and powers the journey towards a green economy.
Physics fuels this growth, underpinning 40% of Irish business R&I and powering many of the world’s most impactful innovations. Research commissioned by the IOP found that, in 2019 alone, physics-powered industries directly generated €29bn in gross value added (GVA) or 9% of total Irish gross domestic product (GDP). This means new jobs, growth and opportunity.
From 2010 to 2018, physics-powered industries added 40,000 new high value jobs.
Physics innovation also benefits all parts of the country and all parts of our society. Furthermore, physics skills are central to the new industrial landscape.
They offer routes to productive employment, and varied and rewarding careers, for people in every part of Ireland, with the labour market demand for physics skills being large enough to be significant everywhere.
In the years to come, we will depend more on physics knowledge and skills to address the challenges we face.
This could be through improved diagnosis and treatment in healthcare, living more prosperously and sustainably, addressing our energy needs or protecting our biodiversity. In all these ways, and others, physics has the potential to improve our lives.
To unlock this powerful potential of physics, Ireland needs a world-class R&I system that is fit for the future. This means increasing R&I investment to match or exceed the OECD average and focusing more of that investment on ground-breaking research in physics, cutting-edge innovation, skills development, facilities and infrastructure.