I was very pleased to launch last week the first report by the CFP strategy review group, entitled National Investment Priorities for the Irish Seafood Industry. The review group recommends a total investment programme for the seafood sector of £365 million over the next seven years, of which the EU and Exchequer would contribute £199 million and the private sector £166 million. The group's report fully backs up BIM's analysis of the investment needs of the sector in the latter's Seafood Industry Agenda 2000-2006. The review group's own economic analysis points to the significant contribution which the sector already makes to output, exports, jobs and regional and local development. It underlines the potential for further growth and added value which will create lasting jobs in the regions.
The review group disagrees fundamentally and in detail with the conclusions of the ESRI that public investment in the sector should decrease. Instead, the group makes a compelling economic case for enhanced investment support for the sector, highlighting its importance for balanced socio-economic and regional development and an equitable distribution of economic activity.
I will be working with Government colleagues to secure the necessary investment support in the next round to underpin the development of the Irish seafood industry and, indeed, of the marine and natural resources sectors generally. The review group's report is another critical and well informed contribution to the current debate on national investment priorities. I endorse the group's analysis which, together with BIM's report, accords with my own assessment of future strategic directions for the sector and the communities which it supports. The challenge now is to secure the necessary investment support to consolidate this sector and position it to move ahead. The context is one of overall stiff competition for resources and many national challenges. I believe, however, we have a convincing and well founded case for support for the seafood sector over the next seven years.