A new initiative between two educational establishments in Ireland could create thousands of jobs, it has been claimed.

University College Dublin and Trinity College have announced details of a partnership that will enable the development of 300 companies, RTE reports.

Called the Innovation Alliance, the third-level research project is also expected to attract 1,000 more PhD students a year.

It is estimated that the initiative will cost 650 million euros over the next ten years, with the funds being provided by the private sector, the EU and the Irish government.

Both universities claim that the alliance will make Ireland more attractive to firms and potential employees. It is hoped that the development will boost enterprise during a difficult economic time for the country.

This week, a study by Allianz and the Lisbon Council revealed Ireland to be the second-least competitive state in the EU.
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