Minister for Agriculture, Food and the Marine, Simon Coveney has unveiled a plan €241m on a development programme for the seafood sector for the period up to 2020.
The European Union is providing almost €150m of the money with the remainder being provided by the Government.
The new programme is subject to adoption by the European Commission and a period of public consultation in relation to the proposal will run until the start of May.
Mr Coveney said the seafood sector is worth €800m annually to the Irish economy, with exports growing by 70% since 2009 to €540m.
He said it has the potential to grow to €1bn by 2020.
The investment package will provide the capital to assist seafood enterprises to sustainably grow their production, add value to our seafood exports and create employment in coastal communities.
The minister said he recognised at the outset that there will be many views on how these funds would best be invested and on which particular areas should be prioritised.
His proposal is to invest €42m in implementing the new Common Fisheries Policy, including measures for developing more selective fishing gear, and supporting the new discards ban.
A further €6m to sustainably grow our inshore fisheries, €30m to sustainably develop the aquaculture industry and implement a new national plan for aquaculture, €12m to grow the seafood based economies of our coastal communities through community led Fisheries Local Action Groups, and €41m to grow markets for Irish seafood products, develop the seafood processing industry and develop new value added products for those markets.
The minister said he looks forward to considering all views and discussing them with stakeholders.
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