More than 30 firms from the Republic and Northern Ireland 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 €1.3 billion 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.”
Enterprise Ireland has already led trade missions to Japan, the United States and the Gulf countries in 2009.
PA