A new fish processing factory is set expected to create 20 jobs.
Seafood Sourcing Ltd is investing £614,000 in one of the buildings previously occupied by Young’s Seafood at Fraserburgh Harbour.
A £307,000 grant from the European Maritime and Fisheries Fund (EMFF) and Scottish Government will meet 50% of the costs of the new project which aims to supply European markets with Scottish whitefish.
Rural Economy Secretary Fergus Ewing announced the funding ahead of the conclusion of the annual fisheries negotiations.
He said: “This funding will transform a site that’s been vacant for some time into a fantastic new processing factory creating valuable jobs for the North-east.
“This type of investment in our onshore sector is crucial for the growth of our seafood industry. It will enable the company to target a range of new markets, supporting Scotland’s ambition to double the value of the food and drink industry.”