‘We need to invest more in research and development’
Ireland’s biggest technology company, Infineon, is to seek an additional €3.6 billion to fund research and technology development in the next three years.
The company said that it is looking to accelerate the pace of the work needed to enable its customers to make better products, improve their processes and cut their costs.
It is part of a broader plan to improve its competitiveness by building on the strengths of Infineons current technology and to invest in new technology that will help to further the company’s growth strategy.
It said the new investment will support Infineonics strategy to “accelerate growth and accelerate profitability”, as well as build on the company ‘s long-term growth plans and invest in a new generation of products and processes that will drive further expansion and profitability.
It also announced plans to further strengthen its presence in the Irish market.
Mr Fergal O’Brien, president of Infiniti, said the investment will help “drive long-lasting, strong growth” for Infineos customers and accelerate the company and its growth strategy, which has seen it “go from strength to strength”.
The company has long said it will be a leader in artificial intelligence and in medical device development.
It has seen strong growth in both the number of customers and revenues.
In the past five years, Infinitech has become one of the fastest-growing technology companies in the world, increasing its revenue from €1.2 billion to €6.3 billion, according to the latest figures.
Infineotics revenues grew by 26 per cent to €4.4 billion in 2017, according a company statement.
Mr O’Connor said Infineont will also work with other companies to “build on its existing portfolio of products, processes and services to deliver even better products and solutions”.
The news comes amid the growing focus on the technology industry in Ireland.
Mr Glyn Byrne, a senior lecturer in management at the University of Limerick, said that the “growing role of technology in the economy and the ability of companies to develop new business models are two of the factors driving the recent expansion in the country’s economy”.
He added that the country needs “a more active, proactive, business-led approach to its technology sector”.
“The focus is now shifting to the technology sector as Ireland’s economy expands and the need for a more agile and creative approach to innovation and business expansion increases,” he said.
The move comes as Ireland prepares to embark on the first of its three Brexit negotiations, with talks between Ireland and the European Union scheduled to begin in Brussels on November 11.