Irish companies utilising Enterprise Ireland's Productivity Improvement Fund invested €68m over the past 12 months to remain competitive.

The final total was revealed by the Minister for Enterprise, Trade and Employment, Micheál Martin, TD this week, who, in addition to announcing the figure also welcomed the fact that there was strong uptake of the fund across all regions and across a range of industrial sectors.

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. Speaking at the announcement Minister Martin 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.

"Since it was established in 2005 the Productivity Improvement Fund has played an important role in promoting competitiveness in Irish business. The investments we have seen in the past year will enhance the innovative, competitive and production capabilities of companies across the country for years to come. As a result it will protect jobs in many communities into the future.

"From early 2008 Enterprise Ireland will offer a new support fund that will build on the success of the Productivity Improvement Fund. I would encourage any small or medium sized firm that is considering making an investment to improve productivity during 2008 to examine if they are eligible for support," concluded Minister Martin.

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