Marine sector to double its share of GDP by 2030

Irish marine industries can exceed €6.4bn a year in turnover by 2020 and double their contribution to GDP to 2.4% by 2030, states a new national roadmap for the sector.

The Government’s strategy document ‘Harnessing Our Ocean Wealth’ is to be the focus of a high level industry conference on the ‘blue economy’ on July 10 in Ringaskiddy, Co Cork

The conference will focus on efforts to develop natural resources ranging from finfish, shellfish and seaweed aquaculture to renewable energy, and capitalising on Ireland’s position as a western gateway for shipping to Europe’s busiest seaports.

“Ireland is one of the largest states in the EU if you take into account our seabed area,” said Dr Peter Heffernan, chief excecutive of the Marine Institute in Galway. “With our exclusive rights to a sea area over ten times our land size, Ireland’s ocean is a national asset providing incredible opportunities for tourism, energy, food and applications for therapeutics and technology.”

With total seafood sales generating in excess of €850m annually and demand for Irish seafood worldwide on the increase, seafood is an industry with significant potential, the report suggests.

At a recent BIM seafood industry conference, Green Isle Foods chief executive Eddie Power said Ireland has potential to achieve €2bn in seafood exports by 2025. He said the sector would need to increase scale, embrace innovation and recruit new talent to achieve these goals.

The ‘Harnessing Our Ocean Wealth’ analyses what it terms market and non-market opportunities. The report’s authors state Ireland has vast potential to tap into a €1,200bn global marine market for seafood, tourism, oil and gas, marine renewable energy, and new applications for health, medicine and technology.

In 2007, Ireland generated 1.2% of GDP (€2.4bn direct and indirect gross value added) from its ocean economy, supporting about 1% of the total workforce. Global marine activity contributes 2% of the world’s GDP. The European Commission estimates between 3% and 5% of Europe’s GDP was generated from sea-related industries and services in 2007.

“Many believe that we can achieve substantially more. This real opportunity demands a strong integrated cross-government plan of action,” says Agriculture, Food and Marine Minister Simon Coveney. “Our ocean wealth will be a key element of our economic recovery and sustainable growth, generating benefits for all our citizens, supported by coherent policy, planning and regulation, and managed in an integrated manner.”

The conference will be followed on July 11 by SeaFest, a family-friendly celebration of Irish seafood.