Published Thursday, 27 December 2012
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The multi-million pound project has been developed by Carlingford Ferries.
Although subject to planning permission, if approved, the service could create 24 jobs as well as hundreds of other jobs as a direct result.
An independent Economic Appraisal has recently been completed which suggested that upwards of €10m of additional spending in the region would be generated.
Important economic and tourism links between counties Down and Louth would be established as well as the service further connecting both sides of the border.
It will take around €8,000,000 to complete and could be operational within twelve months. It is being financed by three families from counties Limerick and Clare, with previous experience in the industry.
Paul O' Sullivan, Carlingford Ferries, said the recent Narrow Water bridge funding announcement has given the car ferry project "renewed vigour."
In October, the European Union confirmed £14m of funding to help build the new cross-border construction. The money will cover the bulk of the cost of the cable bridge, due to open in 2015, which will also link the two counties.
The car ferry and the bridge together would create a circular tourism route between the Mourne region and the Cooley Peninsula.
Speaking of his own plans, Mr O'Sullivan said: "We have several decades of experience in the ferry industry and have been working on this project for almost six years.
"We have already made a significant investment in progressing it to this stage. This project would have a major impact on the cross border tourism potential of the iconic and outstandingly beautiful Mournes - Cooley region.
"It is important to us that we continue to develop this project in an inclusive manner in harmony with the local communities."
Mr O'Sullivan continued: "Tourists in particular, would have the option to complete a circular 35 mile round trip of the area and local people for the first time could enjoy the novelty of crossing the border at two different points on the water by car."
It is understood that planning applications will be submitted in the first quarter of 2013.