PRESS RELEASE: IRBA Welcomes Tánaiste Agreement On Trade
Trade between with Russia is a fraction of what is possible with this the 8th largest economy, hence new trade and economic cooperation agreement signed by Tánaiste is important for Irish exporters.
The Ireland Russia Business Association (IRBA), subsidiary of The Irish Exporters Association (IEA), the national trade body representing and promoting the business interests of Ireland’s 4,000 exporters, welcomes the announcement today that the Tánaiste and Minister for Foreign Affairs and Trade Eamon Gilmore, T.D. wrapped up his official visit to Russia today with the signing of an agreement on a programme for trade and economic cooperation between Ireland and Russia.
The IRBA understand that the keys areas that the trade and economic cooperation agreement will focus on are trade development in education, agriculture, transport, energy, and information technology, which is in line with the IRBA submission to Government ahead of the inter-government meeting on the 7th.
The IRBA advised that: trade between Ireland and Russia in the first seven months of 2011 accounted for only €70m in imports and €311m in exports. In terms of FDI to Ireland, IDA has only 2 client companies of Russian origin employing 27 people. These numbers are a fraction of what should be possible with world’s 8th largest economy that has the highest per capita income amongst all BRIC economies.
The IRBA, however, are encouraged by the signing of the Trade Development Agreement which it and the IEA had been lobbying the Dept of Foreign Affairs and Trade to put in place as a first step to more rapid trade expansion with Russia.
We hope that in addition to re-launching the important work of the Joint Economic Council as a part of the Government-to-Government initiative, the new agreement will facilitate development of a working dialogue between the Irish Government Departments and the companies currently engaged in trade and investment with Russia. We also note that the lack of signficiant information exchanges and data flows between the two countries currently holds back trade and investment development. Irish exporters Association and IRBA have expressed their commitment to participating in the process of building bilateral data and information exchanges to assist Irish exporters and Russian investors interested in advancing bilateral trade and investment flows.
Despite the low exports sales volume the IRBA noted that year on year, exports to Russia are up 53.5%, with imports though are now down 31.3% year on year. For seven months through July 2011, Irish trade balance with Russia was €241mln, up on €122mln for the same period in 2010.
Of all BRIC countries, Russia was the only country that delivered improved trade surplus for Ireland.
A full copy of the IRBA submission to the Tánaiste and Minister for Foreign affairs and Trade can be had at this link.
Ireland Russia Business Association. 7th Nov 2011.
Tánaiste Signs Agreement Promoting Trade Between Ireland and Russia
SOURCE: http://www.dfa.ie/home/index.aspx?id=87275
The Tánaiste and Minister for Foreign Affairs and Trade Eamon Gilmore, T.D. wrapped up his official visit to Russia yesterday with the signing of an agreement on a programme for trade and economic cooperation between Ireland and Russia. This will involve a new level of engagement between Irish Government Departments and State Agencies with their Russian counterparts.
This was preceded by a meeting at which the Tánaiste and the Russia Foreign Minister also signed a partnership agreement in the context of EU/Russia cooperation and Russia’s forthcoming accession to the WTO.
Speaking afterwards, the Tánaiste commented:
“The agreements signed with our Russian partners provide a comprehensive platform for increased trade between the two countries. It is clear that that there is potential to increase exports from Ireland to Russia in key sectors such as education, agriculture, transport, energy, and information technology. By taking advantage of the opportunities that exist and playing to our strengths we can deliver the export-led growth needed to bring about recovery in Ireland’s economy”.
Earlier yesterday the Tánaiste met members of the Global Irish Network to discuss business and investment opportunities for Irish companies. He also addressed a business breakfast attended by representatives of indigenous Irish companies and their Russian counterparts. In his address the Tánaiste said:
“I am convinced that there are many opportunities for Russian companies to do business in Ireland in sectors such as ICT, energy and energy efficiency, aviation, engineering, pharmaceuticals and medical devices, food and drink industry, education and training, and research and development. There is also great scope to increase Russian investment in Ireland”.
The full text of the Tánaiste’s remarks can be found on the DFA website at: http://www.dfa.ie/home/index.aspx?id=87274.
The Tánaiste’s talks with his counterpart, Foreign Minister Sergey Lavrov, covered a range of issues of international interest including developments in the Middle East and, in particular, areas of shared interest which arise in the context of Ireland’s upcoming chairmanship-in office of the OSCE in 2012. The Tánaiste said:
“This has been a very constructive and productive visit to Russia. It is also a timely visit as Ireland prepares to take over the helm of the OSCE in January. The contacts we have made with our Russian hosts, Ministers Lavrov and Okulov, will help to strengthen the relationship between our two countries to our mutual benefit”.
At an event organised at the Irish Embassy in Moscow yesterday evening, attended by members of the Irish community, Russian government officials and business and cultural contacts, the Tánaiste launched ‘Education in Ireland’, the new umbrella brand for marketing the Irish higher education and English language sectors to international students.
Press Office
7 November 2011
What Business Needs From the Government – Input for Government Joint Economic Commission
Following the round-table held a week earlier, IRBA submitted recommendations on what issues are of concern in bi-lateral trade between Ireland and Russia to Eamon Gilmore, the Tanaiste and Minister for Foreign Affairs and Trade (DFAT).
Download executive summary here (PDF, 120kB).
Ernst & Young Publishes Results of Russia Attractiveness Survey
Ernst & Young has recently published results of its Russia Attractiveness Survey. Below is a summary of the report, and an executive summary with key headlines. Full report can be downloaded from E&Y (PDF).
Key findings from Ernst & Young’s Russia Attractiveness Survey:
- Russia was Europe’s fourth-largest Foreign Direct Investment (FDI) destination in 2010.
- That’s an 18% increase year-on-year
- The number of FDI projects in Russia is up 130% since 2006
- 75% of survey respondents said that Russia’s growing domestic market is ‘attractive’
- Investors are exceptionally optimistic about Russia’s future – more than 70% believe Russia will become more attractive in the next three years.
Roundtable: What business needs from the government to help with trade development – Input for Government Joint Economic Commission
Eamon Gilmore, the Tanaiste and Minister for Foreign Affairs and Trade is visiting Moscow in the first week of November to chair an invigorated Joint Economic Commission between Irish and Russian officials on trade facilitation. He has asked that the IRBA submit a set of recommendations on what issues are of concern in bi-lateral trade between Ireland and Russia in the areas of export, import, investment, travel and tourism.
We would greatly appreciate input in the formulation of this important position paper to the Tanaiste and welcome feedback, requests and proposals from members of industry currently engaged in trade between these two countries.
Please note the closing date for submissions is Tuesday, the 18th of October 2011.
A roundtable discussion will be held on the 18th of October. Note: this event is open to IRBA members, and by invitation only.
An Executive Introduction To Russia For Irish Businesses, 24th-28th October 2011
An Executive Introduction to Russia Oct 24-28, 2011
Chamber of Commerce and Industry of Pushkin and Pavlovsk
Pushkin (pop. 100,000) and 15 minutes drive from Pulkova International Airport; St.Petersburg was the favored town of the Tsars from the 1700s. With its legacy of magnificent palaces and grand parks it is truly “the Versailles of Russia”. Pushkin today is an excellent base from which to get a feel for this wonderful continent of 150 million prospective consumers for your goods and services in the company of your hosts; the directors and staff at Pushkin Chamber.
Irish businesses and organisations wishing to explore and enter the dynamic Russian market need independent, credible and trustworthy facilitators because doing business in Russia takes time, requires local knowledge, contacts and understanding, openness and a willingness to meet potential Russian partners in a spirit of mutual respect and benefit – there are no quick hits to doing business there!
May Day Management Consultants & Pushkin Chamber have designed a cost and time efficient 5 day/4 night executive introduction to Russia to give you the opportunity to get a sense of Russia, its people and more importantly the business opportunities that this booming economy now offers.
Trip includes:
Read more…
IRBA / Investec Breakfast Briefing “Agrifood Exports to Russia”
Date: Wednesday, 21st September 2011
Venue: Investec, The Harcourt Building, Harcourt Street, Dublin 2
Time: 7.30am to 10.30am
Cost: €50 for non IEA members or non IRBA members
Overview: With GDP totalling approximately $2.23 trillion in 2010 and with a current population of roughly 140 million, Russia is expected to surpass France as the largest food and grocery market in Europe by 2020, ultimately creating major opportunities for Irish agrifood exporters looking to enter the large, and increasingly lucrative Russian marketplace.
Early booking is essential. To reserve your place (no later than Monday, 19th September 2011) please email: jennifer@irishexporters.ie or jc@irba.ie or phone: 01 6424178.
Kindly hosted by: 
Enterprise Ireland Event: Finding New Markets
Finding New Markets: Doing Business in Russia, CE Europe, the Gulf
Enterprise Ireland and Ulster Bank are hosting free breakfast seminars for companies wishing to learn about doing business in Russia, Central & Eastern Europe and the Gulf.
Dates: September 12, Dublin. September 13, Cork.
Download a leaflet for more info and registration detail (300 kB, PDF).
Business Seminar: Russia Now – 150 Million Sales Prospects!
Date: Wednesday, 14th September 2011
Venue: Westpark Conference Centre, Shannon Free Zone, Shannon, Ireland www.westparkshannon.com/contact-us.php
Time: 2pm to 5.15pm
Description: An information seminar on the opportunities for business in Russia at this time and how to start the process of engaging with this dynamic market of 150 million consumers (60 million internet users)
Early booking is essential. To reserve your place (no later than Monday, 12th September 2011) please email: jennifer@irishexporters.ie or jc@irba.ie or phone: 01 6424178.
