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Coveney Targeting Development of Seafood Industry Announces €8 Million Investment by Seafood Processors

The Minister for Agriculture, Food and the Marine, Simon Coveney TD, announced today the award of €2.4 million in grant-aid to 20 seafood processing companies under the 2014 Seafood Processing Business Investment Scheme, which are projected to deliver 157 Jobs and €45 million in additional sales by 2016. Taken in conjunction with private sector investment, the total investment will be almost €8 million in 2014.  The grants are co-funded by the Department of Agriculture Food and the Marine and the European Fisheries Fund. 

Speaking at the announcement of the investments, Minister Coveney said “Our Seafood industry has the potential to achieve sales of €1 billion per annum by 2017 and to deliver 1,200 additional jobs in that period. The processing sector is a key growth area in our seafood industry and can make a major contribution to those overall seafood industry growth targets.  I am delighted to announce a major tranche of investment by Government and our processing sector that offers potential for real growth and employment. This commitment of investment funds will help to build scale, drive innovation and develop value added products to meet the considerable demand on our key international markets.  It will enable these companies to invest in the required technology and resources to make this happen. I look forward to seeing the positive effect this investment has on the industry, both in terms of employment and sales, over the next three years”.

Note for Editors

The 20 companies receiving grant aid are from eight coastal counties across the country, namely Cork, Galway, Mayo, Donegal, Louth, Dublin, Wexford and Waterford. The Seafood Processing Business Investment Scheme is implemented as part of our Seafood Development Programme. Grant aid is at a maximum rate of 20% for primary processing and 30% for secondary processing projects and is co-funded on a 50/50 basis by the Department of Agriculture, Food and the Marine and the European Fisheries Fund.  The Scheme is implemented by BIM and Údarás na Gaeltachta, with Enterprise Ireland assisting in commercial evaluation of proposals.  Successful projects are selected for grant aid by a selection board comprising the Department of Agriculture Food and the Marine, BIM, Údarás na Gaeltachta, Enterprise Ireland, the Marine Institute, the South and East Regional Assembly and the BMW Regional Assembly. Eligible companies are seafood processing SMEs with premises approved by the SFPA. Eligible costs may include the purchase of new machinery and equipment and the construction, extension or modernisation of seafood processing enterprises. Further details of the Scheme are available from www.bim.ie/schemes/seafoodprocessingbusinessinvestmentscheme

 2014 Grants Approved under the Seafood Processing Business Investment Scheme

View Press Release as a PDF:  DAFMPR 63/2014 (pdf 751Kb) 

Date Released: 02 May 2014