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Opportunities remain in Russia for Irish companies despite €100m hit to food exports

October 8, 2014 Comments off

Opportunities remain in Russia for Irish companies despite €100m hit to food exports

Irish food companies have been hit hard by Russian sanctions against Europe, but also by the pork ban introduced at the start of this year, costing Ireland in total an estimated €100m in food related exports in 2014.

This was one of the messages to come out of a business breakfast briefing held by the Ireland Russia Business Association (IRBA) recently.

Speakers included Gerard MacCarthy, director, Enterprise Ireland Russia/CIS and head of the commercial department at the Embassy of Ireland in Moscow and IRBA chair Dr Constantin Gurdgiev.

“From a trade point of view, the rouble euro-exchange rate, the so-called ‘Presidential Ban’ targeted at the food sector as a response to EU sanctions against Russia, and a volatile and unpredictable political and legislative environment are key current risk factors in dealing with the Russian market,” said MacCarthy.

However, the seminar heard opportunities still remain, particularly in genetics, ingredients, and food technology/agricultural consultancy, and it is hoped that the current ban will be lifted in the short term.

Despite a volatile and unpredictable multilateral political landscape in the Russia/CIS region, Irish non-food companies have shown agility and resilience in engaging with what is the third biggest non-EU exports market for Irish companies after the US and China.

Irish exports to Russia amount to around €635m a year. The latest available figures from the Central Statistics Office (CSO) show an increase of 28pc from January to July in comparison with the same period in 2013, with July alone showing a 121pc increase.

The growth has been consistent over time. Enterprise Ireland client exports to Russia – which account for over 45pc of the CSO figures – have increased 87pc between 2008 and 2013.

“The opportunity space for Irish exporters in Russia remains wide open in areas not impacted by sanctions. And new opportunities should open up in areas relating to agricultural production, food processing, storage and transportation,” said Gurdgiev.

“In addition, there is renewed scope for investment in Russia in the above areas and in areas relating to technological innovation and modernisation in a wide range of sectors.”

“While over the next one to two years we can expect more uncertainty and risks to materialise, including the risk of significant further devaluation of the rouble. Taking a longer term horizon of five to 10 years, these factors are likely to be replaced by more positive growth momentum and improved returns on foreign investment.”

The IRBA started in 2010 as a subsidiary of the Irish Exporters Association.

http://businessandleadership.com/exporting/item/47896-opportunities-remain-in/

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IRBA Invite: Breakfast Briefing – Russia, The Current Business Climate & Ongoing Developments (Mon, 29th Sept 2014)

September 10, 2014 Comments off

IRBA Business Breakfast Briefing (Mon, 29th Sept 2014)

Russia Overview: The Current Business Climate & Ongoing Developments

On Monday, 29th September 2014, the Ireland Russia Business Association is hosting a business breakfast briefing with Gerard McCarthy, Director, Enterprise Ireland Russia / CIS & Head of the Commercial Department at the Embassy of Ireland in Moscow speaking about the current business climate and developments in Russia. IRBA Chair Dr Constantin Gurdgiev will cover the issues of economy and macro-risks e.g. ruble valuations, credit supply, sanctions impact and risks for Russian demand side.

Event details:
Time: 8.00am-9.30am
Date: Monday, 29th September 2014
Venue: Annesley Suite, Alexander Hotel, Dublin 2
Map: https://goo.gl/maps/0Owkk
Location & Transport Options: www.alexanderhotel.ie/location-en.html
Fee: 20 EURO per person

RSVPs: If you would like to attend, please RSVP to jc@irba.ie before COB on Monday, 22nd September 2014. Please note: Early booking advised.

Once registered, we would invite you to send in questions and topics for submitting to the speakers for highlighting for discussion at the breakfast.

SpinUp Partners leads Russian startups to global markets via Singapore accelerators

July 2, 2014 Comments off

by Adrien Henni, East-West Digital News

Over the past months Russian seed-stage fund SpinUp Partners has invested in two Asian startup accelerators – a pioneering move among Russian funds, which usually consider California the prime destination in their global investment strategy.

In March, Spin Up Partners was the secondary investor in an international consortium that injected $2.1 million into Singapore-based Joyful Frog Digital Incubator.

Anchored by Singapore’s Infocomm Investments Pte Ltd (IIFL), the investment round was also supported by Silicon Valley’s Fenox Venture Capital, as well as individual investors from Germany, the Philippines, Thailand and the UK. Read more…

Enterprise Ireland Seminar and Networking Event Opportunities in the Russian IT & Telecommunications Sector

May 26, 2014 Comments off

by Jennifer Condon

Print

Enterprise Ireland is delighted to announce an up-coming seminar and networking event about opportunities in the Russian IT and telecommunications sector.

The event will take place on the morning of Wednesday, June 4th at Enterprise Ireland’s East Point offices [Enterprise Ireland, The Plaza, East Point Business Park, Dublin 3.]

The speakers line up will include 3 senior representatives of AFK Sistema.

RDI Director, Intellect Telecom
Director of International Projects, Intellect Telecom
IT Director, AFK Sistema

Intellect telecom is R&D branch of Russian conglomerate company AFK Sistema in the field of communications. Intellect Telecom specialises in the analysis and development of innovative telecommunications solutions, and counts among its clients MTS (AFK Sistema) – the leading telecom provider in Russia and the CIS. In partnership with ZTE Corporation, Intellect Telecom developed the first navigation and communication terminal that uses all four of the world’s major navigation satellites – GLONASS (Russia), GPS (USA), GALILEO (Europe) and BEIDOU (China).

Please mark this date and the details in your diary.

Further information (detailed, speaker line-up, registration link, etc.) to follow shortly.

If you have any questions, please don’t hesitate to contact Kate Kostyunina at Enterprise Ireland on +353 1 7272015 or by email kate.kostyunina@enterprise-ireland.com.

Helena Baturina, new owner of Morrisons

December 2, 2013 Comments off

by Sergey Tarutin

An interview with Helena Baturina, the new owner of Morrisons.

Read more…

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Informal Networking: Great October Revolution Drinks – Nov 7th

November 2, 2013 Comments off

The Ireland Russia Business Association is hosting an informal drinks and networking session, which will present a perfect opportunity to meet colleagues and market practitioners in a relaxed and informal atmosphere.

VENUE: The Alexander Hotel, Merrion Square, www.alexanderhotel.ie

DATE: Thursday, 7th November at 6pm

FEES: Members – Free; Guests – 20 Eur (Payable in advance, for payment options, click here).

REGISTRATION:  If interested in attending, please RSVP by email jc@irba.ie before COB on Wednesday, 6th November 2013.

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CarTrawler to be car rental provider for UTair

December 19, 2012 Comments off

Dublin-based car rental solutions provider to the travel industry CarTrawler has won a contract to be the exclusive car rental provider to Russia’s third-largest airline UTair.

UTair is the 42nd airline to be added to CarTrawler’s portfolio which already includes international carriers such as Wizz Air, Emirates, Air India, South African Airways, Malaysian Airlines, Vueling, Hawaiian Airlines, Norwegian and Gulf Air.

In the current year UTAir has carried 7.25 million passengers, 31pc up on the previous year, and the airline plans to expand its operations to fly 15 million passengers per year by 2017.

As a result of the new agreement with CarTrawler, UTair passengers will have access to a choice of over 800 car rental agents at 30,000 locations in 174 different countries when they book their car rental on www.utair.ru.

“As one of the largest carriers of passengers in the rapidly growing Russian travel market, UTair requires a car rental partner with the scale and expertise to meet the demands of their customers for a choice of car rental options across both domestic and international geographies,” said CarTrawler CFO David Paterson.

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