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Singapore, Russia expand economic cooperation

New memorandums of understanding (MOUs) with Moscow and St Petersburg will help bolster business ties between Russia and Singapore. 

SINGAPORE: Singapore and Russia have strengthened their economic ties with memorandums of understanding (MOUs) between the Republic and the cities of Moscow and St Petersburg. 

The Ministry of Trade and Industry (MTI) said in a statement on Tuesday (June 24) that the MOUs were inked during a trip made by Senior Minister of State for Trade and Industry and National Development Lee Yi Shyan from June 16 to 20. He had led a delegation of officials and business representatives to Russia as part of the trip.

Mr Lee met with St Petersburg Governor Georgy Poltavchenko, and they signed a protocol agreement to continue expanding cooperation between Singapore and the Russian city in sectors such as transport, science parks, urban planning, e-government and training programmes.

The minister also met with Moscow minister and Head of External Economic and International Relations Sergei Cheremin during the trip, and witnessed the signing of a MOU between the Singapore Cooperation Enterprise and the Department for External Economic and International Relations.

This agreement will see cooperation in areas such as public transport and road infrastructure, urban planning and development, culture, tourism and sports, the MTI stated.

The minister also visited the third-largest Russian city of Novosibirsk for the first time during the trip, which he said was "eye-opening". Both sides highlighted opportunities for partnership, particularly in education and research, and Mr Lee also suggested the possibility of a direct flight between Singapore and Novosibirsk to enhance connectivity.

"Singapore and Russia have broadened and deepened our cooperation in recent years. Russian regions and cities have expressed their desire to emulate Singapore's developmental experience and economic achievements," Mr Lee said.

"Our companies thus find opportunities in a wide range of sectors: urban planning, township development, traffic management, science park management, sea port and airport development, tourism and public administration."

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