21 seafood processing companies are set to invest €15.5m in Ireland, leading to 140 new jobs.
It will be supported by grants of €3.2m under a European Union scheme.
The small and medium enterprises involved are based in Wexford, Dublin, Cork, Donegal, Galway, Louth and Kerry.
The investment is expected to bring €44m in increased sales of seafood products by 2015.
Minister for Agriculture, Food and the Marine Simon Coveney said the companies involved represented the future of the seafood industry.