Boyne Valley food export hub set to create 2,500 jobs
State strategic fund in ‘advanced’ talks to help create ‘Silicon Valley of food’
THE establishment of a major food industry hub in the Boyne Valley region is set to create 2,500 jobs by 2025, the Sunday Independent has learned.
The Boyne Valley Food Innovation District (BVFID) — which has a multi-disciplinary advisory board with key industry figures such as Bord Bia chairman Michael Carey and former Largo foods director Ray Coyle — is at an “advanced stage of talks” with the Ireland Strategic Investment Fund (ISIF).
The €8bn sovereign fund is set to become a key financial backer of small and medium food companies that the Co Meath food initiative expects to attract and grow.
Local authority business organisation Meath Enterprise is preparing to build a 27,000 sq ft advanced technology building to support short-term needs, while planners have rezoned 70 acres in Navan to add to an existing 50-acre land bank earmarked for the project.
BVFID head Gary O’Meara said that the organisation — a joint venture between local authorities, state agencies, universities and the private sector — expects to shortly announce its first two major international deals. Local firms Epicom and Superlife are finalising deals to open export channels to China and Scandinavia respectively. BVFID plans to expand these channels to other companies.
“This region can become the Silicon Valley of food,” said O’Meara. “The potential is huge — €10m has been invested to date, with €50m to €100m investment likely.”
Talks are at an advanced stage with the Ireland Strategic Investment Fund with a view to it becoming a BVFID investment partner, he said.
“This could see ISIF invest in high-potential companies that can scale to meet exporting opportunities that we are establishing in China, Scandinavia and other countries,” he said. BVFID aims to open new global export channels to secure contracts for Irish food producers, said O’Meara.
“We’ll match opportunities and contracts to existing Irish SMEs with the necessary capability and ambition to scale into global markets. If we can’t find companies to match opportunities then we will build a new startup food company to respond to the market need,” said O’Meara.
Bord Bia’s Michael Carey — founder of Drogheda-based East Coast Bakehouse — said he was hopeful BVFID could provide investment opportunities for his company.