Get the app today! App Store Play Store

FDI Welcomes €5bn Brexit Adjustment Reserve

Published on Jul 22 2020 11:50 AM in Fresh Produce tagged: Ibec / Food Drink Ireland (FDI) / Irish agri-food

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. 

 © 2020 Checkout – your source for the latest Irish retail news. Click sign-up to subscribe to Checkout.

Share on Facebook Share on Twitter Share on LinkedIn Share via Email