The largest bulk port authority in Ireland - the Shannon Foynes Port Company (SFPC) - has announced a €50m investment at its facility in Foynes, Co Limerick.

Launched by the Transport Minister Paschal Donohoe, the investment is the first in a series of key expansions aimed at transforming the Shannon Estuary into a major national and international economic hub.

The company hopes to create 3,000 jobs over the next 25 years.

It is to begin constructing an additional four acres of quayside to attract the world's largest cargo ships.

It will see the SFPC commence a seven year programme in quayside infrastructure development - with a €12.5m investment in infilling of 3.45 acres on the port's east jetty - with work beginning this month.

Preliminary works for second phase - connecting the east and west jetties - have already begun.

The third phase, the reclamation of a further two hectares, is to commence when phase 2 is finished.

All three phases will add over 35,000m2 and additional berthage.

The new open quay storage area on the east-jetty will enable the company to berth 40,000 ton vessels directly alongside the quay, leading to faster turnaround times for customers and creating significant opportunities for growing cargo handling on the jetty in line.

The SFPC currently helps to facilitate international trade valued at more than €6bn a year through its six port facilities on the estuary.

Tim Minett is CEO of British solid fuel company CPL Industries, who plans to employ 140 people at Foynes Port.

He says it is a huge investment for the future.