Singapore and Russia businesses to explore opportunities in consumerism and technology

Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam (right) meeting Deputy Prime Minister of the Russian Federation Maxim Akimov, on Sept 19, 2018.
Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam (right) meeting Deputy Prime Minister of the Russian Federation Maxim Akimov, on Sept 19, 2018.ST PHOTO: KELVIN CHNG

SINGAPORE - Singapore businesses can explore opportunities in Russia in sectors such as consumerism and technology. Firms from both countries can collaborate to innovate as well.

This was the message from the Russia-Singapore Business Forum held on Thursday (Sept 20) at the Ritz-Carlton, Millenia Singapore.

The event is held by Enterprise Singapore and aims to bring Russian and Singapore businesses together to foster investment and trade and the exchange of ideas. This year marks the 13th run of the forum.

More than 300 Singaporean and Russian business leaders attended the forum.

In a press release, 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 reached S$420 million as at the end of 2015.

At the forum, there was a dialogue held between Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam and Russian Deputy Prime Minister Maxim Akimov.

 
 

Enterprise Singapore said there are about 20 Singapore companies in Russia, in sectors such as technology, consumer goods and services, infrastructure and trade.

Panel discussions were also held to discuss the challenges and opportunities for Russian and Singapore firms in entering each other's markets.