FDI Welcomes €5bn Brexit Adjustment Reserve

By Donna Ahern
FDI Welcomes €5bn Brexit Adjustment Reserve

Food Drink Ireland (FDI) has welcomed the inclusion of a €5 billion Brexit Adjustment Reserve in the EU’s Multiannual Financial Framework, which was announced recently.

In a statement, the Ibec group, which represents the food and drink sector, noted that 34% (€4.5 billion) of Irish agri-food and drink exports go to the UK each year.

Typically, less than 10% of other member states food and drink exports are to the UK.

'This highlights the unique circumstances faced by Irish industry and the need for these exceptional aid measures. Ireland needs to maintain our market position in this high value, high quality market that has a substantial food deficit and not relinquish it to global competitors,' FDI said. 

 'The aid should be targeted at supporting Irish companies invest in enabling technology, management training and upskilling, plant renewal and expansion, refinancing, market development and innovation to regain competitiveness following Brexit,' it added. 

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