Ireland’s fishing industry has faced significant challenges due to Brexit, but there are also opportunities for growth and development. The CEO of Bord Iascaigh Mhara (BIM) acknowledges the devastating impact of Brexit on the sector, with a significant cut to Ireland’s fishing quota. However, she highlights the potential for seafood as a thriving industry in the face of increasing global demand for protein.
To address the concerns of fishermen and their families, a voluntary decommissioning process has been established, funded by the EU’s Brexit Adjustment Reserve. This process compensates fishermen who agree to decommission their boats, allowing for the redistribution of quota amongst the remaining boats. This approach aims to create a more viable industry.
The quota cut also affects seafood processors in Ireland, reducing the availability of raw materials. In response, BIM is working with companies to add more value to the existing raw material. The focus is on moving away from treating seafood as a commodity and instead adding value through processes such as customization and targeting specific consumer markets. BIM plans to invest €45 million to help processors scale-up and invest in technology to compete in global markets, particularly in Asia.
The CEO highlights success stories, such as Donegal Fish and Sofrimar, which have found new markets and increased profitability by adapting their processes and targeting specific consumer preferences. She believes that increased investment in technology and a period of consolidation within the processing sector will further enhance growth opportunities.
Bocquel’s background in accounting and experience in the marine sector make her well-suited to support businesses in the industry. She recognizes the need for strong financial management and business planning to optimize operations and provide market insights.
Overall, while Brexit has posed significant challenges for Ireland’s fishing industry, there is a sense of hope for the future. Through strategic investments, value-added processes, and a focus on emerging markets, the industry can navigate the changing landscape and thrive in the 21st century.
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