MM Lee gives Russian governor tips to attract investors

A Russian governor on the brink of launching economic reforms on Wednesday sought the advice of former prime minister Lee Kuan Yew, who gave him two tips from Singapore's story on attracting investors.

First, ensure security for investors and their property. Second, remove bureaucratic hurdles that prevent them from carrying on their business.

While there were countries in the region that take investors "hostage", Singapore had made efforts to help the latter succeed, said Mr Lee.

"We take the opposite line. An investor who comes in, it is our duty to help him succeed, and when he succeeds, his friends will know about it and they will also come in," he told Mr Andrey Turchak, governor of the north-western Pskov region, which is engaging Jurong Consultants to help set up a special economic zone.