The Chinese consortium that was behind the proposed expansion of the Banagher Chilling meat processing facility in Co. Offaly has abandoned its plans for the site.
Ireland Midlands-North-West MEP Barry Cowen has said that this latest development in the long-running saga is "deeply disappointing".
The development had been stalled repeatedly through the planning process for several years, after being originally granted planning permission in 2019.
Cowen said the decision by the Chinese consortium to pull the plug on the project is a blow to the local community in Offaly and the wider Irish beef sector.
"This facility had the potential to create significant jobs and open further export opportunities for Irish producers, particularly to Asian markets, and its loss is a blow to those ambitions," Cowen said.
However, Cowen said that the latest development on Banagher Chilling is "a case of being disappointed but not surprised".
"Since permission was originally granted in 2019, the project being held up until today has meant that the licencing, development and construction costs had all increased substantially," the MEP said.
He added: "It is worth underscoring that this site retains a slaughtering licence, and we fully expect that interest from other investors will be strong as long as the planning pathway is clear.
"I will be engaging with stakeholders in the coming days to ensure this facility is ultimately developed in a way that delivers real competition and jobs for this region," Cowen said.
"The circumstances around this project illustrate the very real harm that our current planning process can cause to commercial, residential and infrastructure investment alike.
"Projects that meet all the necessary criteria should not be left in limbo for years on end. Investors, communities, and workers deserve better," he added.
Cowen called on the government here to "finally and fully address" planning reform in this coming year.
"With a clear Dáil majority committed to decisive action, we must overhaul the delays and legal uncertainty that routinely derail worthy projects," he said.
"Ireland’s future economic success depends on a planning system that is fair, efficient and predictable," Cowen added.