PRESS RELEASE – TEAM IRELAND SHOWCASE, MOSCOW, 24/11/14.

December 8, 2014 Comments off

by Gerard MacCarthy, director, Enterprise Ireland Russia/CIS and head of the commercial department at the Embassy of Ireland

“Ireland – #1 Best Countries for Business “
Forbes 2014

As part of the intergovernmental Ireland-Russia Joint Economic Commission, on November 24 2014 the first ever multi-agency Team Ireland Showcase was held in Moscow at the Russian Chamber of Commerce and Industry’s headquarters, a stone’s throw away from the Kremlin.

The showcase highlighted Ireland as an investment and joint-project destination, allowing Russian investment, VC, and R&D partners to explore the potential for establishing joint intellectual property or production bases using Ireland’s long experience in the commercialisation of innovative and high-tech projects.

Speakers at the event included: Ambassador Eoin O’Leary; Georgi Petrov, Vice-President of the Russian Chamber of Commerce and Industry; Dmitry Sazhin, Head of the Europe and American Department of the Ministry of Economic Development; Professor Shamil Gantsev, Member of the Federation Council; and Shane Nolan, Head of Growth Markets Division, Industrial Development Authority of Ireland (IDA); Dr. Darrin Morrissey, Director of Programs, Science Foundation Ireland; Peter Lennox, International Entrepreneur Programme Senior Development Advisor, Enterprise Ireland; Pat Flynn, Flynn O’Driscoll Lawyers, Member of the Board of Directors, Enterprise Ireland; Brien Henderson, Head of the Visa Department, the Embassy of Ireland, Moscow; and Dmitry Simonenko, a Russian serial entrepreneur who has two businesses in Ireland. The event was introduced by Gerard MacCarthy, Director of Enterprise Ireland’s Russia and CIS office. Read more…

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Is the ruble a basket case or oversold?

December 3, 2014 Comments off

by Chris Weafer, Macro-Advisory Ltd

At mid-session on the first trading day of December, the ruble had declined by 60% against the US dollar since the start of the year (over 70% since the start of 2013), and was down 45% against the euro (55% since January 2013). The obvious questions are: why has the ruble fallen so quickly and by so much? Does this collapse jeopardize Russia’s financial stability and raise the risk of a default? And, how much further can the ruble fall or is this another of those attractive buying opportunities that seem to be available in Russia every seven years?

Is the fall justified?

By most standard measures the ruble’s collapse has been extraordinary. That scale of decline is usually associated with an economy with huge debt obligations, a non-fundable budget and a current account deficit. Russia ticks none of those boxes. Total foreign sovereign debt is only at 3% of GDP, and total private sector foreign debt is at 33% of GDP and falling as a result of the fact that Russian companies are not able to refinance maturing debt on foreign markets. Despite spending approximately $70 bln in a futile defence of the ruble this year, the Central Bank of Russia (CBR) still has $420 bln in foreign exchange reserves, a total which includes $180 bln split between two readily available sovereign wealth funds. At the end of the third quarter the trade surplus was over $150 bln, up over 10% from the previous year, the current account surplus was just short of $60 bln, i.e. double that of 2013, and the federal budget surplus was equal to 2.1% of GDP. Read more…

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/

Highlights: Breakfast Briefing – Russia, The Current Business Climate & Ongoing Developments

September 30, 2014 Comments off

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by Jennifer Condon

The current geopolitical climate added to bilateral sanctions between the EU and Russia is creating more obstacles for Irish – Russian Business.

On Monday, 29th September 2014, the Ireland Russia Business Association (IRBA) hosted a business breakfast briefing with Gerard MacCarthy, 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 covered the issues of economy and macro-risks e.g. rouble valuations, credit supply, sanctions impact and risks for Russian demand side.

Gerard MacCarthy, Director, Enterprise Ireland Russia / CIS & Head of the Commercial Department at the Embassy of Ireland in Moscow:

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

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.

IRBA Summer Networking Drinks

July 15, 2014 Comments off

by Jennifer Condon

Dear IRBA Members, Friends & Business Associates,

The Ireland Russia Business Association will shortly be hosting an informal networking gathering.

The details:

  • Date & Time: Thursday, 24th July 2014 @ 6.00 pm
  • Cost: Members – Free; Guests – 20 Eur (Payable in advance)
  • Venue: The Alexander Hotel, Off Merrion Square, Dublin 2 www.alexanderhotel.ie

If interested in attending, please contact on the details below before COB on Tuesday, 22nd July 2014.

For non-members, payment is required in advance. For payment options, click here.

Jennifer Condon
Ireland Russia Business Association
28 Merrion Square
Dublin 2

Tel. +353  1 6424178
Fax. +353 1 6612315
Email. jennifer@irishexporters.ie / jc@irba.ie
Join the IRBA: http://irba.ie/join/
LinkedIn: www.linkedin.com/groups?gid=2769669&trk=myg_ugrp_ovrstyle

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Sponsors Overview

July 8, 2014 Comments off

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KPMG

One of the largest professional services companies in the world and one of the Big Four auditors.

KPMG works with clients in all sectors of Irish business, helping ambitious companies and individuals make the most of opportunities through our range of audit, tax and advisory services. They work with 80 partners and over 1900 people who are based in conveniently located offices in Dublin, Belfast, Cork and Galway.

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