The lion¿s share of venture capital investment in Ireland is still going into high-tech projects despite a global downturn in the sector, according to a new report.
The report by the Irish Venture Capital Association (IVCA) shows €124 million was invested by its members last year, seventy-seven per cent of which went to the high-tech sector.
However, the €124 million represents a significant drop on the €208 million recorded for 2000.
The IVCA says "the overall trend is still upwards" highlighting the fact that investment in 2001 was over three times the level in 1997.
IVCA chairman, Mr Conor O'Connor, said the figures indicate "a growing and developing marketplace for venture capital in Ireland, notwithstanding the slow-down from 2000 which was, by any standards, an execeptional year".
Speaking at the launch of the report, Minister for Finance, Mr McCreevy said: "It is clear that, despite the downturn, significant amounts are still being committed to that sector."
He said: "The 2001 statistics show that, once again, Ireland has proportionately the highest level of investment in the technology sector throughout Europe."
"Investment by IVCA members is crucial to the development of an indigenous value-added capability in this sector."
