Are you in the Irish food production sector? Good news.
A €200m package is on the way for capital investment in agri-food processing and marketing.
Amid concerns Ireland could be hit hard by the UK’s exit from the EU, what are seen as Brexit counter measures have been announced by the European Commission.
Ireland has potentially a lot to lose with the departure of it’s neighbour from the common market.
The UK is the country’s largest trading partner for food and drink.
Ireland is the UK’s largest supplier of food and drink.
Numbers wise 41% of food and drink exports go to the UK worth €4.4bn.
With all the uncertainty about what the new reality will look like in 2021 and beyond news of the support has been welcomed by the body representing Ireland’s food and drink sector.
Food Drink Ireland Director, Paul Kelly said: “FDI has repeatedly called for exceptional State aid supports as we face the likelihood of a hard and disruptive Brexit, and a fracture of the Single Market.’
‘The Irish agri-food and drink sector is uniquely exposed, presenting a compelling case for exceptional State aid support to minimise the economic fallout and job losses.
“The focus must be on maintaining markets in the UK, developing other markets and ensuring that in the domestic market, companies remain competitive against imports. The scheme must introduce investment aids to support Irish agri-food companies as they invest in enabling technology, plant renewal and expansion, refinancing, market development and innovation to regain competitiveness.’
‘FDI looks forward to working with Government and Enterprise Ireland to ensure the scheme meets these objectives and is operational as soon as possible.’
So an uncertain future ahead but the measures are the beginnings of cushioning what could be a devastating impact.
