24 May 2022

McConalogue approves €45m investment funding for seafood enterprises

McConalogue approves €45m investment funding for seafood enterprises

McConalogue approves €45m investment funding for seafood enterprises

Millions of euro in funding has been approved by the Minister for Agriculture, Food and the Marine for investment in seafood processing enterprises. 

Minister Charlie McConalogue today (Thursday May 12) announced approval of the Brexit Seafood Processing Capital Support Scheme, which will provide €45million in funding for capital investment projects. 

The scheme is based on a recommendation of the Seafood Taskforce to assess the impacts of Brexit on the fishing sector and coastal communities. 

The minister said, "Our Seafood Processors are of vital importance for our coastal communities, sustaining over 4,000 jobs and supporting the local economies in which they operate. I am pleased to announce that this new scheme will introduce significant levels of support to enable processors develop their enterprises, navigate the challenging trading environment and support jobs in the seafood sector." 

It's expected the scheme will assist seafood processors seeking to move from commodity production to the production of higher value-added products. 

Funding will also be available for seafood processors seeking to improve environmental performance and those aiming to achieve greater production efficiencies. 

The minister added: "I believe this scheme will significantly assist processing enterprises to adapt quickly, to become more sustainable in both a business sense and environmentally. Through the supports on offer, processors will be able to invest in innovative equipment, diversify their product lines and reach new, valuable markets." 

An Bord Iascaigh Mhara (BIM) will be administering the scheme, and the Minister has requested that calls for applications will open as soon as possible. 

Minister McConalogue concluded: "The suite of schemes and measures I have announced will support fishers, the wider seafood sector and the coastal communities which are most dependent on the sea for their livelihoods. The scheme will assist the Seafood Processing industry in making transformational change and moving further up the value chain. 

"These investments will ensure that Ireland maintains its reputation as a source of premium quality seafood, protect food supply chains in times of uncertainty, grow coastal economies and sustain the natural environment." 

More information on the scheme is available here

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