New investment totaling EUR 3.5 million (USD 3.9 million) has been made in six seafood processing companies seeking export and value growth, Ireland’s Minister for Agriculture Food and the Marine Michael Creed has confirmed.
The department’s European Maritime and Fisheries Fund program has provided grants of almost EUR 1.1 million (USD 1.2 million) to these firms, with co-funding coming from the Irish government and the European Union.
Beneficiaries through the Seafood Processing Capital Investment Scheme comprise of Carr & Sons Seafood Ltd., in Mayo, with EUR 387,142 (USD 435,789); Sofrimar, in Wexford, received EUR 562,036, (USD 632,567); Seafood Processors Ltd., in Louth, received EUR 370,000 (USD 416,432); Good Fish Processing Ltd., in Cork, EUR 396,011 (USD 445,707); and Keohane Seafood, also in Cork, received the largest sum with EUR 1,442,413 (USD 1,623,213).
Through the Seafood Scaling & New Market Development Scheme, the West Cork Export Market Collective – comprising Union Hall Smoked Fish Ltd. and Keohane Seafood – also received a grant of EUR 353,480 (USD 397,787).
Creed said that he was delighted to support these companies in building for the future in what he described as “very challenging times for business generally and notably our seafood sector.”
“With our own economy and European and world markets reopening, we can have optimism again for future prosperity and growth,” he said. “These six companies are preparing their businesses to grow exports and value because they have the confidence to know that our seafood sector is a high growth sector and that it will resume its long-term growth pattern now that markets are getting over the recent temporary, albeit severe difficulties.”
Stating that the national strategy is to add value wherever possible to Ireland’s seafood products to ensure they are well placed in the market, the minister added that the EMFF program is ready to assist seafood companies to get back to business with capital, innovation, marketing and other support.
“From next year, my department’s new EMFF program for the 2021-27 period will commence and will play a major role in assisting the recovery and renewed growth of our seafood sector,” Creed said.
Ireland’s EMFF Operational Program 2014-2020 was adopted by the European Commission in December 2015 and launched in January 2016 to provide funding to the seafood sector.
As well as the Seafood Processing Capital Investment and the Seafood Scaling & New Market Development schemes, it also includes a Seafood Innovation & Business Planning Scheme which provides aid of up to 50 percent to seafood processors seeking to innovate through new product development.
In 2020, the Irish government’s seafood agency Bord Iascaigh Mhara (BIM) has been provided with EUR 21 million (USD 23.6 million) of EMFF funds to support the sector.
Photo courtesy of Fine Gael
