Ivor Callely
Ceist:77 Mr. Callely asked the Minister for the Marine and Natural Resources the estimated total investment in the fishing industry in the next three years; and if he will make a statement on the matter. [8024/98]
Written Answers. - Fishing Industry Development.
EU and Exchequer funding under the Fisheries Operational programme will continue to support targeted investment of over £126 million in the fishing sector to end 1999 in order to maintain and enhance its contribution to the national economy and in particular its contribution to growth and employment in coastal communities, under the investment programmes for fleet modernisation, fishery harbour development, fish processing, marketing, training and research.
Funding under the PESCA Community Initiative is supporting fishing communities to diversity and to support alternative activities. EU support remaining under the PESCA Community Initiative is nearly £3 million up to 1999.
There has been very satisfactory take up of investment support to date by the fishing sector. I am satisfied that remaining funding will be fully taken up over the lifetime of the programme. I recently announced my plans for a new grant aid programme using available funding under the OP to support capital investment in new vessels for the whitefish fleet. This will complement the tax incentives package to attract investment into the fleet which I secured in this year's Finance Act. I am confident that this investment support, approval for which will be negotiated in coming weeks with the Commission, will generate significant investment in the renewal of the whitefish fleet in the medium term.