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News
25.09.2018

Russia–Singapore Business Forum Participants Discussed Cooperation Between the Two Countries in Priority Areas

Singapore held its thirteenth Russia—Singapore Business Forum (RSBF). The forum was organized by the Russia—Singapore Intergovernmental Commission, chaired by Russian Deputy Prime Minister Maxim Akimov and Deputy Prime Minister and Coordinating Minister for Economic and Social Policies of the Republic of Singapore Tharman Shanmugaratnam.

The forum was attended by around 300 representatives of Russian and Singaporean official and business circles. RSBF has been held since 2006 in the interest of encouraging investments, trade, and cooperation between Russian and Singapore. The event was organized by the Singaporean government agency Enterprise Singapore with the support of their official partner, the Roscongress Foundation.

During the keynote discussion: Russia — Getting Back to Business, it was noted that digital technologies in public administration, cybersecurity, and transport logistics may become promising areas of Russia—Singapore cooperation.

«Today, not only does Singapore have good opportunities to cooperate, it is also a global hub and a gateway for all of South-Eastern Asia and the Pacific Region. Everyone is interested in seeing Singaporean business come to Russia and seeing Russian businesses feeling comfortable finding partners in Singapore. It’s important that our discussions take on a practical dimension and result in concrete projects,» explained Deputy Prime Minister of the Russian Federation Maxim Akimov. The Russian Deputy Prime Minister also encouraged Singaporean companies to join Russian projects developing port infrastructure, the Northern Sea Route, and the digital hub on Russky Island: «the project in the Russian Far East, which was announced by the President [at EEF 2018], was no coincidence. This was a new call for attracting investments.» The Eastern Economic Forum is one of the tools used to promote the Far Eastern Federal District. EEF has proven itself to be an authoritative international platform, where experts discuss the problems of and opportunities for developing the economy of the Russian Far East and international cooperation in the Asia-Pacific Region.

Other discussions at the Forum covered topics such as: ‘Winning over the Russian Consumer’, ‘Technology: Bridging the Ecosystem between Russia & Singapore’, and ‘Spotlight Asia: Defining the Opportunities for Russian Entrepreneurs in Asia’. Participants discussed developing bilateral economic cooperation. It was noted that, aside from Russia’s supply of vital raw materials to Singapore, Russian technologies and manufactured products are growing in popularity. Singaporean companies expressed the opinion that more attention must be paid to Russian regional partners, who they don’t feel like they know enough about. Russian companies are seeking investors for their own projects in Russia and are themselves ready to invest in Singaporean infrastructure for advancing joint high-margin solutions for third world markets in ASEAN and other regions.

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