The public investment will ensure the delivery of 12 important capital projects in primary food plants across the country.
This is the second funding announcement under the €100 million Capital Investment Scheme for the Processing and Marketing of Agriculture Products. In total the scheme, when complete, will have backed 34 projects with total public and private investment of more than €420 million; of which the 12 capital projects in this second funding phase will account for €160 million. The scheme is administered by Enterprise Ireland.
The scheme will assist companies to strengthen their operational capability and pursue product and market diversification strategies and will support the long-term future of our vital agri-food sector.
Welcoming the funding announcement, Minister Simon Coveney said, “our agri-food sector employs 165,000 people in every county in Ireland and is a key driver of local economic prosperity. The government is determined to support the long-term, sustainable future of the sector as it responds to consumer demand and seeks to diversify both its products and its markets. This announcement completes the €100 million Capital Investment Scheme introduced in 2020 that will, when completed, support 34 major capital transformation projects, sustaining jobs and enhancing the export potential of this vital sector.”
Minister McConalogue said, “it is crucial that we move to help futureproof all elements of the sector to ensure we can continue to meet new market dynamics and emerging trends. There are challenges facing our food producers, including input costs, changing consumer demand and our changed trading relationship with the UK. The sector has proved remarkably resilient in tackling these challenges.”
“This funding support will ensure that food companies can invest in ambitious strategies for future value growth in established and emerging markets and with product innovations that match changing consumer demand. It is critical that these investments are used to help drive greater returns for farm families and primary producers.”
Minister of State with responsibility for New Market Development, Martin Heydon, said, “the agri-food sector has shown its resilience to overcome the serious disruption to international trade last year and we saw really strong agri-food export growth across important sectors including dairy and meat. Capital investment in the sector will ensure continued product and market diversification which is essential for the continued long term development of the agri-food sector, and the farms it supports throughout rural communities in Ireland.”
Leo Clancy, CEO of Enterprise Ireland said, “when completed the Capital Investment Scheme for the Processing and Marketing of Agricultural Products introduced in 2020 will see more than €420 million in public and private investment in the long-term future of our agri-food sector. This investment will pay dividends in the years to come and ensure that our great agri-food brands continue to compete and win in international markets.”