A new €600,000 partnership has been announced by cream liqueur manufacturer Baileys and Enterprise Ireland.

Announcing the details at the Baileys production facility on Dublin's Nangor Road, Minister for Agriculture Simon Coveney said it would help the plant to invest further in the dairy economy.

Baileys, which was set up 40 years ago this year, is the number one selling cream liqueur in the world, and uses more than 250 million litres of fresh Irish milk a year. Aside from the co-ops it is the largest buyer of milk in the State.

"Since Baileys went into production in 1974 it has become a brand that is synonymous with Ireland and with Ireland's rich agricultural heritage," Mr Coveney said. "It is now the sixth bestselling duty-free brand globally, with strong sales in China, North America, Latin America and the Caribbean.

“Key to this success is the combination of both tradition and innovation, using Irish milk sourced from 40,000 dairy cows Baileys has developed a brand that continues to appeal to people all over the world.”

Colin O’ Brien, managing director of Baileys, said the €600,000 fund would bring the Nangor Road site on to the next level of efficiencies.

Enterprise Ireland's Michael Cantwell said the partnership was part of an Enterprise Ireland strategy that involved investing in product and process innovation to improve efficiencies and grow international sales.

“Baileys is an Irish brand with a global presence and a reputation for excellence which showcases our high quality dairy and distilling sectors. Today’s partnership will contribute to Ireland’s dairy sector, exports and the Irish economy generally.”

In 2014 Baileys sold 6.4 million cases in 180 countries, with sales strongest in Ireland, the UK, African and Latin American markets.