Foreign investors to put €50m into Irish dairying
A group of foreign financiers is examining the possibility of investing up to €50m in Irish dairy production, it has been revealed.
The Irish agri-investor Jim McCarthy has been approached by the group to assess the feasibility of buying into dairy farms here.
Speaking at the Irish Farm Managers' Association conference in Tipperary last Wednesday, Mr McCarthy said there was serious international interest in the Irish dairy sector.
While he declined to comment on the nationality of the investors, he told the Farming Independent that the group had already invested €350-400m in a range of agricultural sectors around the world.
"While they could invest in dairy production in a number of countries, they would prefer to invest in an older, more mature, grass-based market like Ireland," Mr McCarthy said.
He added that land ownership rules in some countries, such as New Zealand, made it difficult to invest in dairying.
It is understood that the investors want to partner with Irish dairy farmers by buying land from or in conjunction with farmers, with a view to expanding the dairy business.
"These people have no interest in getting into processing, retailing, co-ops or wholesaling," said Mr McCarthy.