Food Drink Ireland (FDI), the Ibec group representing the food and drink sector, has welcomed the inclusion of a €5 billion Brexit Adjustment Reserve in the EU’s Multiannual Financial Framework agreed this morning.

The FDI say 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.

The group also believes the aid should be used to introduce additional marketing and innovation supports for companies looking to reformulate, re-package or innovate their product lines for new markets in the EU and internationally.

Thirty four percent (€4.5bn) 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. The FDI say this highlights the unique circumstances faced by Irish industry and the need for these exceptional aid measures. 

In a statement, the FDI said, "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."

Source: www.businessworld.ie