€15.5m investment set to create jobs in seafood processing industry

More than 140 jobs are to be created within the seafood processing industry, it was announced today.

The new €15.5m investment in the industry is supported by grants of €3.2m under the EU co-funded Seafood Processing Business Investment Scheme.

This new investment from 21 Irish seafood processing companies, which are based in Wexford, Dublin, Cork, Donegal, Galway, Louth and Kerry, is projected to generate an estimated 142 additional jobs within the sector.

It is expected to help increase sales in the industry by up to €44m over the next three years.

Minister for the Marine Simon Coveney said the investment will have a positive effect on the sector.

“This is a very sizeable investment by any standards and particularly so when combined with investment under this scheme over the past two years,” he said.

“It demonstrates the confidence in the seafood sector as a high growth area of our economy and of our food industry.”

Minister Coveney said the small and medium-sized enterprises undertaking this move represent the future of the seafood industry.

“The new investment involves companies significantly growing their businesses and also diversifying, which will lead to increased profitability and increased employment,” he said.

“The investment also builds on the very positive announcements made earlier this week in the beef sector and the further development of trade links with China.

“The number of companies participating in the scheme demonstrates the willingness of the sector to invest to meet the strong global demand for our seafood.”