A Hong Kong group applied for the Irish Immigrant Investor Programme, by investing in a EUR 40 Million meat processing project in Offaly Ireland. Initially rejected, they are to make a second application to the Immigrant Investor Programme.
The Irish Immigrant Investor Program attracts foreign investors keen to reside in the Emerald Isle.
Those who invest over EUR 1 Million, have personal wealth of at least EUR 2 Million and meet all other approvals and residency requirements, are duly granted an IIP.
The project was to process meat in Ireland predominantly for its sale and distribution in China, it was forecast to generate 250 employment opportunities in the construction period and 150 permanent positions once it was operational. It was rejected over summer 2020. At the time, the project did not have all relevant permissions in place but it has since obtained these so the investors can re-apply for the IIP.
Former Minister for Agriculture, Barry Cowen, stated the application was refused after the committee concluded the project did not align with Government policy on the beef processing industry, whereby the development of additional plants is not necessary unless there is demand or a lack of existing capacity.
Read more: The Irish IIPs Contribution to the Emerald Isle’s Economy
Growing support for the Irish Immigrant Investor
This refusal under the Immigrant Investment Programme has attracted more support for the project, various reports and information indicate that a petition has been organised to show support for the expansion and development of a new meat processing facility in Banagher, Co. Offaly.
The online document which is hosted on Petitions.net highlights the need for new markets with Brexit looming. It underlines how important competition is for Ireland’s beef sector and also that the survival of rural Ireland is heavily dependent on the survival of the family farm. It is heavily dependent on Ireland’s beef farmers which could benefit from foreign investors’ funds. It is understood that the aim is to reach 10,000 signatures, with farmers, and the wider public, asked to support the document.
It is not all cheers and support though.
An appeal has been made against the planning permission for this meat processing farm stating that it could be detrimental to the environment, increase carbon emissions and impact biodiversity, according to recent reports on the Independent (Ireland). A decision on the appeal is expected in January ’21.
Will this case deter Hong Kong investors from future IIP projects? With Brexit impending and Covid19 resurfacing across Europe, one would hope that foreign investment continues to be adequately funneled into Ireland.
