Irish companies using Enterprise Ireland's Productivity Improvement Fund invested €68m over the past 12 months to remain competitive confirmed Dáil Minister for Enterprise, Trade and Employment, Micheál Martin.

Enterprise Ireland provided over €23m from the fund which was established to support small and medium sized companies which are investing in innovation, technology and staff training to stay competitive.

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Minister Martin has welcomed the fact that there was strong uptake of the fund across all regions and across a range of industrial sectors, he said: "A total of 122 companies availed of this important fund in 2007. They cover a wide range of sectors including engineering, chemicals and seafood. It is clear there is strong demand from small and medium sized firms for investing in both technology and staff, and the Government has a role to play in supporting this."

From early 2008 Enterprise Ireland will offer a new support fund that will build on the success of the Productivity Improvement Fund. Minister Martin encouraged any small or medium sized firm to examine if they are eligible for support.

(GK/JM)