During the eighth Russia-Singapore Business Forum, which was held in Singapore, in late September Deputy Prime Minister of Singapore Tharman Shanmugaratnam stated that “Despite recent volatility and challenges, the emerging market economies will remain the main contributor to global economic growth over the next 5-10 years, and likely beyond.” He also added that now ties between Russia and Singapore have significantly broadened and deepened.
Historically, Russia and Singapore have always maintained close business ties. In 2012 these 2 countries signed 7 MoUs which led to the establishment of collaborations between the public and private sectors, particularly in the areas of education and info communications development.
Russian Ambassador to Singapore Leonid Moiseev said: “Singapore is a unique laboratory for modern management and a very promising partner for Russia”. According to him “The country’s experience in setting up science parks and industrial zones has been of particular interest to us in recent years.”
Since 2008 bilateral trade in goods has more than tripled, last year it topped $4.8 billion (30% boost). Now we can see growing interest among Russian companies in Singapore and as a consequence the increased investment activity. Now there are more than 400 Russian companies (including Gazprom, Lukoil, and VTB Bank) in Singapore. Currently Russia has become the 25th largest trading partner of Singapore.
Source: RBTH Asia Pacific