Latest news with #BrexitAdjustmentReserve
Irish Independent
06-06-2025
- Business
- Irish Independent
Louth County Council signs contract for construction works to begin on Drogheda Digital Hub
The signing commences construction works that will begin immediately on the project, with an aim to boost local enterprise and innovation in Drogheda. Doors are expected to open in late summer. The project will see the complete refurbishment and fit-out of a formerly derelict building into a modern, co-working and innovation space. The refurbishment is funded through Enterprise Ireland's Border Enterprise Development Fund, which is funded under the EU's Brexit Adjustment Reserve (BAR), with co-funding from Louth County Council. The Drogheda Digital Hub is designed to support start-ups, remote workers, and scaling tech enterprises by offering affordable co-working space, business support services, training and tailored mentoring programmes. It is expected to house over 20 co-working desks, meeting rooms, private booths, and breakout areas – providing a modern, professional environment for the region's next generation of entrepreneurs. Chief executive of Louth County Council, David Conway said: 'The Drogheda Digital Hub will support the creation of a vibrant cluster of digital start-ups, right in the heart of the town, and is a beacon for urban renewal on West Street in Drogheda. 'It reinforces that the future development of the town is positive and is further evidence that Louth County Council and our partners and stakeholders are committed to delivering projects that will improve quality of life.' With a 13.2% population increase and more than 7,000 new homes planned for the area, the organisers said that the timing of the initiative is 'critical' to support local entrepreneurship. The signing was attended by senior representatives from Louth County Council, Enterprise Ireland, Drogheda and District Chamber of Commerce, local dignitaries and the appointed contractor, Gavin Duffy, along with the director from Doohamlet Construction. Cllr Kevin Callan, Cathaoirleach of Louth County Council, said: 'Transforming a once-derelict building into a state-of-the-art Digital Hub is a signal that Drogheda is open for innovation, investment, and fresh ideas. 'As well as providing much-needed incubation space for budding entrepreneurs, the Drogheda Digital Hub will draw footfall back to West Street, boosting local businesses, and positioning the town as one of the North-East's leading locations for digital enterprise.'
RTÉ News
20-05-2025
- Business
- RTÉ News
Seafood economy worth €1.24 billion in 2024
A Bord Iascaigh Mhara (BIM) report has found the value of Ireland's seafood economy increased to €1.24 billion last year, an increase of four percent compared to 2023. The increase was largely driven by a nine percent increases in exports, a three percent increase in domestic sales and an 11 percent increase in landings to Irish ports. The top three countries for seafood exports last year were France, the UK and Italy. France was Ireland's largest market for seafood exports, valued at €141 million with Irish organic salmon, oysters and crab the top three species exported. BIM said investments in processing technologies, stronger exports, and record prices achieved for mackerel contributed to last year's growth. A 44 percent increase in the value of Irish organic salmon sales last year contributed to an overall value 25 percent increase for the aquaculture sector. However, certain sectors experienced a challenging year, particularly rope mussel producers in the south west and rock oyster producers. Retail seafood sales in Ireland increased by three percent to €333 million. Some 93 in every 100 Irish households bought fresh or frozen seafood last year, lower than the 2017 peak result of 97 per cent. 'A key economic driver' The Bord Iascaigh Mhara Business of Seafood report was launched by Minister of State for Fisheries and the Marine, Timmy Dooley, who acknowledged the volatility of the trading environment. Minister Dooley said investments made under the Brexit Adjustment Reserve and further planned investment are laying strong foundations for the sector. "The seafood industry provides employment for almost 17,000 people. It is a key economic driver in our coastal communities. "I understand the pressures industry are facing and the key role they play in food security and the provision of healthy and sustainable food," Minister Dooley said. BIM CEO Caroline Bocquel said the latest Business of Seafood report demonstrates the sector's resilience and capacity to adapt as markets continue to shift. She said targeted supports and investment in the €258.4 million Seafood Development Programme 2021-27 are driving innovation and strengthening the sector's position. The seafood processing sector generated €947 million in turnover and supported more than 3,200 jobs last year. BIM said while the processing sector's overall value decreased slightly last year - investment continued to drive energy efficiency, automation, and product innovation. The BIM report shows the fishing sector's is heavily dependent on two species - mackerel and Dublin Bay Prawns accounted for almost half of landings' value last year. BIM said quota cuts and rising costs continue to affect the fleet, however they said improved demersal quotas in the north west were among positive changes. EU-UK fishing deal fails Ireland - fish processors Meanwhile, fish producers say the EU's announcement yesterday that it plans to extend the current post-Brexit UK fishing deal to 2038 without changes is "a serious concern to coastal communities". The Irish Fish Producers Organisation (IFPO) is calling on the Government to meet the EU Commission to address quota issues. The IFPO said as part of the Brexit Trade and Cooperation Agreement five years ago - 40 percent of the total value of EU quotas transferred to the UK was from Ireland. CEO of the IFPO Aodh O'Donnell said: "there was no justification first time round for Ireland to be singled out to pay such a high price for the UK fishing agreement". "There is even less reason now, as we have loudly and clearly outlined how damaging this deal was for Ireland. It has already cost our industry an estimated €180 million to date. "The deal announced largely extends the unbalanced EU fishing quota and access arrangements for 12 years to June 2038." Mr O'Donnell said the IFPO supports the Fisheries and Maritime Minister Timmy Dooley, in his ongoing work. They are calling on MEPs and officials to demand "a fairer deal for Ireland before the new agreement is due to come into effect next year". He has welcomed the statement from Irish MEP Nina Carberry, who called for a level playing field for Irish fishermen from the EU-UK Summit. Ireland holds about 12% of EU waters and it is allocated less than 6% of fishing quotas, which fishing leaders say is inequitable. Mr O'Donnell said the maintenance of the Brexit deal is "a disaster" - especially for the Mackerel and Dublin Bay Prawn fleets. He said the mackerel fleet lost 26% of their quota and the Dublin Bay Prawn fleet lost 15% of its quota as part of the 2020 Brexit deal. "Europe failed to apply the principle of relative stability underpinning the Common Fisheries Policy with the Brexit deal which is now being extended. "We're call for a re-balancing of the Brexit burden. This requires an internal redistribution of the quotas, or this fundamental inequity will be locked in for 12 years," Mr O'Donnell said.
