The Dublin Port Company (DPC ) has unveiled a 30 year €600m investment plan to increase capacity at the port.

The investment will be financed by the DPC which has committed to investing €110m in the first five years.

New funding will ensure Dublin Port has sufficient capacity to service Ireland’s future import and export trading needs.

The project will see the doubling of the port’s cargo handling capacity to 60 million tonnes by 2040, and as well as see construction of a new €30m cruise terminal expected to be completed by 2015.

Launching the masterplan, Ireland Transport, Tourism and Sports Minister Leo Varadkar said this is a comprehensive plan for the long-term development of Dublin Port on its current site.

"As Ireland’s most important port, Dublin Port is a vital part of our national infrastructure. It has a significant role to play in growing exports, growing jobs, and also in growing tourism, with 87 cruise ships calling last year," Varadkar said.

DPC plans to build the new cruise facility adjacent to the east of the East Link Bridge to accommodate over 135,000 passengers and almost 90 cruise liners each season.

In order to progress the plan, the company has formed Cruise Dublin, a joint initiative with Dublin City Council and Dublin Chamber of Commerce intended to further develop the cruise tourism trade in Dublin.

The plan has also identified the potential for rail freight to grow over the period using Dublin Port’s direct rail connections to all major train stations in Ireland.

According to the company the use of the existing port rail network already removes 4,000 trucks from Irish roads each year.

One of the first plan projects scheduled for completion will be the building of a compound to store imported cars, between the East Wall Road and Dublin Port Tunne, which will accommodate 2,300 trade cars and will free up quay-side space for port activity.