Over the past decade the Republic's economic success has been built on its ability to attract hundreds of multinational firms engaged in the manufacturing of pharmaceutical and technology products.

Nine of the top 10 global pharmaceutical companies now have manufacturing plants in the Republic. And the State is currently the world's biggest exporter of computer software.

In recent years the Government has begun to shift its focus from targeting pure manufacturing operations towards attracting research and development activities to the Republic.

Under the National Development Plan, the Government has committed €2.5 billion to building up its research base targeting the ICT and biotechnology sectors, both of which have been identified as key future growth sectors.

Two schemes, the Programme for Research in Third Level Institutions (PRTLI) and Science Foundation Ireland (SFI), have been set up to bring world-class researchers to the Republic and help fund centres of excellence at Irish universities and colleges.

Further funding has also been allocated to schemes under the auspices of Enterprise Ireland.

In addition, the Government recently announced plans to introduce an R&D tax break for companies.

The new programmes are currently financing biotechnology research in a range of areas including AIDS, brain disease and the side affects caused by radiotherapy. They are also supporting ICT projects that are investigating ways to make computer chip manufacturing more efficient and develop nanotechnology, microscopic machines that could be used in medicine and industry in the near future.

Over the next three weeks, Business This Week will investigate some of these projects and seek to identify what spin-off benefits, if any, they will have on the economy. It will also address the question of whether this strategy of attracting cutting edge research projects will enable Ireland to retain its industrial base.

Are there further changes in Government policy required to encourage investment? Could the private sector play a bigger role in boosting research? And, in light of the Government decision to temporarily halt research funding under the PRTLI programme last year, is there a long-term commitment to fund research even through times of financial difficulty

• Any comments or opinions on the series should be sent by e-mail to jsmyth@irish-times.ie