SINGAPORE: Singapore businesses can explore opportunities in Russia in sectors such as consumerism and technology.
Those were areas of opportunity, highlighted by Enterprise Singapore at the 13th edition of the Russia-Singapore Business Forum held on Thursday (Sept 20) at the Ritz-Carlton, Millenia Singapore.
About 300 Singaporean and Russian business leaders attended the forum.
Speaking at the event at the keynote dialogue, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam said Russia presents itself as a strategic market for Singapore companies.
“Russia offers the Singapore economy a new source of diversity - so that our businesses can explore especially the Eurasian economic community from Russia. That’s a region with a very large population and a growing middle class,” he said.
“Likewise, Russian enterprises can use Singapore as a launch pad for Asia."
In the same session, Russian Deputy Prime Minister Maxim Akimov said that Russia views Singapore as a promising platform for business, and looks to learn from its expertise in areas such as infrastructural development as well as transport infrastructure.
Mr Tharman said Singapore is in talks with the St Petersburg government on urban transportation management systems, and has significant involvement in Russian airports.
He added that Singapore is also keen to look at opportunities in Russia's ports.
In a press statement, Enterprise Singapore said that bilateral trade in goods has been growing between both countries, at a compounded annual growth rate of 15 per cent from less than S$2 billion in 2007 to S$7.4 billion in 2017.
Singapore's stock of Direct Investment Abroad in Russia amounted to S$420 million as at the end of 2015.
Enterprise Singapore said there are about 20 Singapore companies in Russia, in various sectors such as technology, consumer goods and services, infrastructure and trade.