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State To Invest €70m To Help Meat And Dairy Producers To Diversify Their Products And Attract New Markets

Published on Nov 15 2021 11:12 AM in Food tagged: Trending Posts / Enterprise Ireland / Capital Investment Scheme for the Processing and Marketing of Agricultural Products

State To Invest €70m To Help Meat And Dairy Producers To Diversify Their Products And Attract New Markets

The state will invest €70 million to help meat and dairy producers to diversify their products and attract new markets in the wake of Brexit.

As reported by The Irish Examiner, the 22 projects and food producers will receive direct funding for capital investments to their facilities including upgrades to ingredient processing systems.

Bandon Vale Cheese, T O'Regan & Sons in Clonakilty, Henry Denny & Sons in Charleville and Silver Hill Foods in Monaghan have reportedly all approved for €5 million each in funding, which is reportedly the largest amount to any facility.

The Capital Investment Scheme for the Processing and Marketing of Agricultural Products will reportedly help farmers and those working in food production to diversify their offering and to attract new markets and customers, reportedly making their business more resilient and sustainable in the long term. The fund will reportedly be administered by Enterprise Ireland.

Eight of the firms are reportedly located in the Munster region.

Ireland's agricultural industry reportedly produces enough food to feed our population nine times over and the sector reportedly employs close 165,000 people. However, the significant volume of food exported to the UK has reportedly raised concerns that have reportedly heightened in recent days by the ongoing threat by the British government to trigger Article 16 of the Northern Ireland Protocol that could reportedly threaten the entire Withdrawal Agreement with the potential for a trade war between the UK and the EU.

In such a scenario, Irish food exports could reportedly become a target for tariffs in a similar way to a long drawn-out trade war between the EU and the US that saw Irish butter being impacted.

Tánaiste Statements

Tánaiste Leo Varadkar reportedly said, "This €70 million funding will go directly to food producers and processors in the meat and dairy sectors to help them diversify and win new customers post-Brexit.

"Brexit caused huge uncertainty for the sector and is a warning of the dangers of becoming over-reliant on a certain market. Similarly, the need to reduce our greenhouse gas emissions while maintaining production levels is another challenge facing our food producers."

Varadkar reportedly said, "We need to take action now that embraces new technology, creates new jobs and new business opportunities, protects rural communities and tries to avoid driving up the cost of living. This fund aims to help food producers make the transition."

Agriculture, Food And The Marine Minister Statements

Agriculture, Food and the Marine Minister Charlie McConalogue reportedly said that new product development and market diversification need to go hand-in-hand, and, "The €70 million investment we are announcing today will assist the sector, expand current markets and increase sales of higher value-add products in the global marketplace maintaining our position as the sustainable food capital of the world."

McConalogue reportedly said that it will be a priority that Irish food exporters can take advantage of the opportunities in key international markets as global markets recover from the impact of the COVID-19 pandemic, and, "The key to these strategic investments is bringing benefits for all those along the supply chain, particularly farmers as the critical primary producer who are the bedrock of €14bn export sector."

Enterprise Ireland CEO Statements

Enterprise Ireland CEO Leo Clancy reportedly said that the funding for the 22 projects will support investments of more than €266 million across regional and rural Ireland.

Clancy reportedly said, "Our agri-food sector has to increasingly focus on sustainability, competitiveness and innovation to grow existing and new markets and the funding announced today will help achieve these important goals."

Part Of A €100m Scheme

This €70 million investment is reportedly part of a €100 million scheme that was first announced on December 28, 2020, and a further call under the scheme is reportedly expected at a later date.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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