Singapore companies were urged to consider setting up shop in the Russian special economic zone (SEZ) of Moglino.
The SEZ, which is being built by Russia's ministry of economic development, is in the Russian north-west region of Pskov, near the borders of Latvia, Estonia and Belarus.
About 50 business leaders attended a networking session with a Russian delegation on Tuesday, which included the country's deputy minister for economic development, Mr Saveliev Oleg, and Pskov deputy governor Pernikov Sergey.
Mr Sergey said: "Pskov is quite a small region and we don't have oil or gas so we are looking at other possibilities for growth, just like how Singapore did some time ago."
Participants at the session learnt about the kind of financial support and tax privileges they could enjoy at the Moglino SEZ and the kinds of industries the zone hopes to welcome.
These include automotives, consumer electronics, railway engineering, construction materials and logistics.
The Moglino SEZ already has a Singapore link - local firm Jurong Consultants has been appointed its master planner.