Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

Our food industry is a high-growth area of our economy and the seafood processing sector is no exception. The sector has significant potential to increase revenues and employment in the coming years. I have on previous occasions referred to my commitment to ensure the maximum number of jobs are created and maintained in the seafood industry. Both Food Harvest 2020 and the action plan for jobs recognise that most of the potential for increased employment in the seafood industry is in the areas of processing and aquaculture. Food Harvest 2020 aims to increase employment in the seafood sector from the present total of approximately 11,000 to 14,000 by 2020 and to increase turnover from €700 million to €1 billion. The two targets are part of the same ambition to increase the size of the seafood industry and its contribution to our economy. It was the previous Government that put these targets in place, but this Government is happy to implement them and see them through.

Despite the severe effects throughout the economy of the current economic downturn, the processing sector has fared well in maintaining employment. Many progressive businesses in the processing sector have bucked the general trend in the economy and have been on a sustained growth and expansion path. CSO figures show that seafood exports were valued at €495 million in 2012, an increase of 18% from 2011.

I am advised by Bord Iascaigh Mhara that some 2,870 people are currently employed in the seafood processing sector. Arising specifically from an investment of €12.8 million by 18 seafood processing companies in 2012, with €2.6 million in financial assistance under the seafood processing business investment scheme, 296 additional jobs and increased sales of value-added seafood products of almost €105 million are expected to be created by 2015. This is a significant level of investment by any standards. Together with previous investment of €7 million by 21 companies in 2011 and €2.7 million by eight companies in 2010 with the support of the seafood processing business investment scheme the investment is setting a clear path to growth and expansion. I have recognised the success of the scheme by increasing its capital budget from €1.5 million in previous years to €2.5 million in 2013. I realise Deputy Pringle has a specific question on how we aim to prioritise these allocations and I will come back to the House on that.

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