THE Welsh Government hopes to lure the world's leading scientists to Wales with a £50 million package.

First Minister Carwyn Jones said the fund would be used to encourage leading professors to move to the principality as well as boosting research and the economy.

Cash from the scheme, entitled Ser Cymru (Star Wales), is planned to go towards specialist equipment and salaries that outstanding academics would "expect’’ to get as well as funding their research teams.

Officials say although Wales has a growing reputation in science, it is still under-performing when attracting grants from the UK's research councils.

In 2009/10, Scotland got a 14.8% share of the research councils' funding, whereas Wales received 3.3%.

Officials say, judging by Wales' population, its funding total should be around 5%.

First Minister Mr Jones said Ser Cymru aimed to address this issue.

He said: "If our universities gain 5% of the competitive research funding from the UK Research Council, this will bring £27 million into our economy.

"This rises to over £64 million if you look at all sources of competitively- funded research.

"Ser Cymru and our network plans will enable us to attract more talent to Wales to help drive this figure up and in due course create more high quality business and research jobs in Wales.’’ In recent years, high level research in Wales has made the headlines around the world.

Cardiff University scientist Professor Chris McGuigan developed an anti-shingles drug that was sold to the US for 2.5 billion dollars.

And in 2007, the university's president, Sir Martin Evans, won the Nobel Prize for his work on stem cell research.

However, an official report from chief scientific adviser Professor John Harries said Wales needed to be "predatory’’ and more "streetwise’’ when bidding for a share of UK Government funding and target "star’’ research teams.

Mr Jones added: "Wales has some great scientific strengths, but as our Chief Scientific Adviser has said himself, we could do so much better.

"Our universities have the opportunity here to work with the best research groups across the world and strive for excellence.’’ Officials say Ser Cymru is a "key component’’ of the Welsh Government's new science strategy - which is being unveiled today by the First Minister in Cardiff.

Science minister Edwina Hart said the government's goal was to "build a strong and dynamic science base’’ that would enhance Wales' reputation as well its finances.

She added: "We recognise the vital links between the research and science skills base in Wales, and the processes of innovation, development and commercialisation that transform scientific outputs of research into economic advantage for Wales.’’ The strategy sets out three key areas to boost research and businesses - the life sciences and health; low carbon, energy and environment; and advanced engineering and materials.