Science Foundation Ireland has stated that it wants to become the world's best science funding agency in the world.
SFI also wants to see one of its scientists or research teams win a major international prize by 2020.
The targets are in SFI's ambitious eight year plan, Agenda 2002, which was launched today by the Minister for Jobs, Enterprise and Innovation Richard Bruton.
Science Foundation Ireland is the Government's science agency.
Under the plan, the foundation wants to attract a top-tier international prize-winning scientist to lead an SFI-funded team in Ireland by 2015 and the double the level of patents, invention disclosures, licences and spin-outs by Enterprise Ireland that are linked to SFI research.
It is also aiming to see 50% of SFI trainees moving to industry as their first destination by 2020.
The Minster for Research and Innovation, Sean Sherlock, also announced details of a €30m investment in research infrastructure. This funding was given to research groups where projects demonstrated partnerships, links with industry, relevance to prioritised research areas and sustainable planning.
A total of 37 projects were approved for funding. These included a microscope which images at a magnification level of 10 million in Trinity College, a marine energy testing site in Galway Bay, a germ free facility in UCC and a system which will allow doctors see high contrast three dimensional images from inside the body at NUIG.
''Agenda 2020 is an ambitious plan to position Ireland as a global knowledge leader, a society with scientific and engineering research at its core, driving economic, social and cultural development,'' commented Professor Mark Ferguson, SFI's director general.
''Implementing the plan will enable Ireland to gain international competitive advantage, '' he added.
''Central to the Government's plans for jobs and growth is ensuring that we get more, as an economy, out of our investment in scientific research over the past decade. We must ensure that more of our investment is targeted at commercial outcomes and ultimately at turning good ideas into good jobs,'' Minister Bruton said.
Meanwhile, the Minister for Jobs, Enterprise and Innovation has defended the Government's decision to abolish the office of Chief Scientific Adviser.
Richard Bruton said he believes the move, which sees the functions of the office taken over by the Head of Science Foundation Ireland, will enhance the quality of advice available to Government.
The role of the office of Chief Scientific Adviser was to advise the Government on scientific policy. But the Government said about two weeks ago that this function would now be taken over by the Director General of Science Foundation Ireland.
Both Minister Bruton and Minister of State Sean Sherlock today defended the decision.
Minister Bruton said it would lead to an improvement in the quality of scientific advice available to the Government. He said in his view the move represented "an enhancement".
Mr Sherlock said he thought the decision was entirely appropriate.
The Director General of Science Foundation Ireland, Prof Mark Ferguson, has said he is conscious of potential conflicts of interest in his new role as Chief Scientific Adviser.
Speaking on RTE's Drivetime, Pror Ferguson said it would be "arrogant and silly" to think that one person could be an expert in all areas of science.
He said the State's science policy is drawn up by Forfas after it consults widely, including with the Chief Scientific Advisor. He said any kind of advice is typically not given by one individual, but drawn from a panel of national and international experts.
