March 7, 2008

Ireland's beef sector reliant on EU's higher value market

Ireland's beef industry, which exported EUR1.6 billion (US$2.4 billion) worth of beef to the EU last year, is reliant on EU's demand for higher value market.

Agriculture, Fisheries and Food minister Mary Coughlan, said in a recent forum that it is crucial to equip the country to deal with the various challenges and capitalise on opportunities.

In 2007, Ireland exported 523,000 tonnes of beef, 97 percent of which was destined for the EU market where quality of product and efficiency of the supply chain have become essential requirements.

Ireland is counting on EU's shortfall in beef production combined with a potential moderation in import levels, following EU restrictions on Brazilian imports to raise beef prices.

The country is allocating EUR50 million (US$77 million) capital scheme for the beef and lamb processing sectors which should trigger EUR120 million of investments.

The recently held Beef Forum in Ireland will set out a framework for the development of the beef industry.