In keeping with commitments given in the Agri-Vision 2015 Action Plan, I recently announced a beef and sheepmeat processing sector investment package totalling some €50 million. This grant assistance, which should trigger investment of some €120 million, is yet another clear indication of the Government's commitment to the continued development of a modern, competitive, innovative and market-focused food industry.
Financial support will be made available towards the cost of the construction and acquisition of buildings, new machinery and equipment and will significantly assist the industry in improving efficiency and competitiveness. The positive response of the beef and sheepmeat sectors to the challenges presented in an ever-changing market in recent years has been a major contributor to the enhanced status and reputation of Irish produce abroad.
Beef and sheepmeat are a vital component of the agri-food industry, with beef exports alone amounting to almost one-fifth of total Irish food and drink exports in 2005. This investment package will assist in the further development of these sectors and in so doing, will not only strengthen primary processing, but also underpin agricultural incomes.
The scheme will be managed by Enterprise Ireland who will evaluate the suitability of investment projects submitted for grant assistance. Further details, including eligibility criteria and terms and conditions of the scheme will be announced in the near future.