Firms take part in trade mission to Russia

More than 30 firms from the Republic and the North take part in one of the biggest trade missions to Russia this week.

Trade and Commerce Minister Billy Kelleher is to lead the 50-member delegation organised by Enterprise Ireland.

With a population of 140 million people, Russia is the second biggest consumer market in Europe after Germany.

Irish firms in sectors such as ICT, engineering, education and business processing services will be hoping to sign investment deals during the three-day trip focused around Moscow.

The all-island delegation also includes representatives from Bord Bia and Invest Northern Ireland.

Irish firms exported a total of €1.3bn in goods and services to Russia in 2007.

Mr Kelleher, who was appointed to the Trade and Commerce portfolio in the recent reshuffle of junior ministers, said Irish firms need to find new markets for their products.

He said the trade mission, which begins on Tuesday, also aims to build strong R&D links between Irish and Russian universities and institutes of technology.

The Cork TD added: “Firms live or die by their exports in these challenging times and the Russian market has huge potential for Irish-sourced products at the moment.

“Ireland can also be a perfect Western European base for Russian firms hoping to break into North America and South America.”

As many as 250 firms from the island of Ireland already have a significant business foothold in Russia.

“Russia is an important European market that cannot be ignored and we have been getting an increasing number of inquiries from Irish firms about opportunities in the country in recent months,” said Enterprise Ireland’s Russia manager, Mike Hogan.

“Russia will face contraction of its economy in 2009, however it remains a country which the majority of Irish businesses has yet to fully exploit.”

Mr Kelleher and Ireland’s ambassador to Russia, Justin Harman will host a dinner for firms in Moscow on Tuesday evening.

A networking reception will be held on Wednesday at the Irish Embassy which will be attended by officials from lobby groups such as the Association of European Business in Russia and the Irish Business Club.

Moscow Chamber of Commerce will host a networking meeting for its members and the Irish delegation on Thursday.

As one of the world’s largest oil producers and with vast natural gas reserves, Russia has the world’s 11th largest economy.

It is a key focus for Enterprise Ireland as part of its strategy to develop a presence in the Bric (Brazil, Russia, India and China) emerging market countries.

Enterprise Ireland has already led trade missions to Japan, the US and the Gulf countries in 2009.