May 29, 2012

Irish Minister for the Marine, Simon Coveney, will be announcing a EUR15.5 million (US$19.4 million) investment by seafood processing firms, which is expected to create more than 140 jobs around the coastline.

The investments are being made by 21 companies based in Wexford, Dublin, Cork, Donegal, Galway, Louth and Kerry, and are supported by grants under an EU co-funded seafood processing business scheme.

Over the next three years, the new investments are expected to boost the sales of added value seafood by almost EUR44 million (US$55.2 million).

Simon Coveney said the investments show confidence in the sector as a high growth area of the economy, and demonstrates a willingness by Irish companies to address the strong global demand for Irish seafood.

The latest investment follows a previous investment by 21 companies last year. The food harvest strategy expects a potential revenue growth in seafood by 2020, increasing employment by 3,000.