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Minister Costello leads Enterprise Ireland Trade Mission to Russia

Trade, Press Releases, Europe, 2012

The Minister of State for Trade and Development, Mr Joe Costello T.D., is today (Monday 18th June 2012) leading an Enterprise Ireland trade mission to Russia aimed at building on the impressive 2011 trade figures - which saw 37% growth in goods export to the closest of the BRICS countries. The mission is also intended to reinforce the continued development of Ireland’s Joint Economic Commission (JEC) with Russia.

The multi-sector trade mission, which has been organised with the support of the Irish Embassy in Russia, includes best-in-class Irish companies from the ICT, Engineering, Construction Services, Food and Drink, and internationally traded services. The mission will enable these companies to explore the Russia market and develop contacts with potential Russian partners and buyers.

Announcing the mission, Minister Costello said:
“This trade mission is designed to assist Irish companies, in every way possible, to increase exports, and create and maintain jobs at home. I am confident that it will also carry forward the momentum of the Joint Economic Commission process and the trade events that have been taking place with increasing regularity over the past year.

“With the very important JEC process re-invigorated, we have a very solid, and promising Government to Government platform to build on the strong business to business activity reflected in the trade results".

Enterprise Ireland’s Head of Internationally Traded Services, Kevin Sherry added:
“Enterprise Ireland views Russia as a key growth market with substantial, largely untapped, export potential for Irish companies. 2010 and 2011 were record years for trade between Ireland and Russia and Russia is now Ireland’s fourth largest non-EU export market.

“This demonstrates the significant opportunity in the vast Russian market for our companies, our products, and our know-how and innovation. The best-in-class companies participating on this mission are well positioned to contribute to the continuing growth of Ireland-Russia trade.”

During his visit to Moscow, Minister Costello will attend two networking events organised by Enterprise Ireland, a Business Breakfast, and a Client Buyer Reception for Enterprise Ireland clients and their Russian partners, as well as key figures from the Irish business community, and the Russian Ministries involved in the Joint Economic Commission process.

He will also meet the Ministry of Economic Development, the JEC Chair and co-chairs, the Russian Pharmaceutical Association, Transaero airlines, the Ministry of Agriculture, Moscow City Government, as well as the members of the Global Irish Network, and leading members of the Irish Business Community.

Note for Editors:

The 8th session of the Ireland-Russia Joint Economic Commission (JEC) was held in Moscow in November 2011. A Declaration for Partnership in Modernisation was signed by the Tánaiste and Minister for Foreign Affairs and Trade, Eamon Gilmore T.D., and the Russian Minister for Foreign Affairs, Sergei Lavrov, on that occasion.

The aim of the JEC, which is a Government to Government body, is to promote the development of trade between the countries by increasing links and co-operation between Irish and Russian businesses.

A number of working groups to drive the agenda forward were established including:
1. Education and Training
2. Agriculture (including food and agricultural technology)
3. ICT/High Technology (including e-governance)
4. Renewable Energy, Energy Efficiency and Sustainability (including construction);
5. Transport (in particular aviation).

2010 and 2011 were record years for trade between Ireland and Russia. Russia is now Ireland’s fourth largest non-EU export market.
Exports of goods to Russia from Ireland, excluding services, in 2011 grew 37% to €509.7m building on a previous record of €372.8 m in 2010. Exports of services also grew 32% from €983m in 2009 to €1300m in 2010.
Irish trade with Russia is varied and reflects the diversity of Ireland’s production base; the biggest export categories are: metalliferous ores and metal scrap (€63m); Medical and pharmaceutical products (€59m); Meat and meat preparations (€58m); Office machines and automatic data processing machines (€46m); and Coffee, tea, cocoa, spices and manufactures thereof (€43m). Our main imports from Russia are Fertilisers (€88m).