Seafood processors receive €2.4m in grant aid to deliver 157 jobs

A total of €2.4m in grant aid to 20 seafood processing companies, which was announced yesterday by Agriculture, Food and Marine Minister Simon Coveney, is projected to deliver 157 jobs and €45m in additional sales by 2016.

Taken in conjunction with private sector funding, the total investment in the companies spread across eight coastal counties (Cork, Galway, Mayo, Donegal, Louth, Dublin, Wexford and Waterford) will be almost €8m in 2014.

The grants, made under the Seafood Processing Business Investment Scheme, are co-funded on a 50-50 basis by the Department of Agriculture Food and the Marine and the European Fisheries Fund.

Mr Coveney said the seafood industry has the potential to achieve sales of €1bn 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.”

Mr Coveney said this major tranche of investment by Government and the processing sector offers potential for 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.”

Four of the companies approved for grant aid are in Cork. They are Castletownbere Fishermen’s Co-op (€289,228), Good Fish Processing (Carrigaline) €120,000; Keohane Seafood (€111,520) and Ballycotton Seafoods (€20,985).

The other Munster company grant aided is Iasc Sliogagh Dunlarbhain, Dungarvan, Co Waterford (€39,257).

Grant aid under the scheme is at a maximum rate of 20% for primary processing and 30% for secondary processing projects.

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 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.