Start-ups from Singapore and Russia will be allowed access to business networks, markets and resources in both countries following the signing of two memorandums of understanding (MOUs) yesterday.

The signing took place at the ninth session of the high-level Russia-Singapore Inter-Governmental Commission, which is an annual bilateral dialogue to strengthen broad-based cooperation between the two countries.

It was witnessed by the co-chairs of the commission, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam and Deputy Prime Minister of the Russian Federation Maxim Akimov.

One MOU was signed between a Russian venture capital fund, Internet Initiatives Development Fund, and Singapore's Action for Community Entrepreneurship.

The other MOU was signed by the Russian Export Centre, Skolkovo Foundation, Sistema Group and Enterprise Singapore.

The two DPMs agreed to further encourage commercial partnerships in the information and communications technology sector and digital economy, according to a Ministry of Foreign Affairs statement yesterday.

"The DPMs agreed that both sides should keep up the momentum of cooperation achieved in recent years, and identified new areas of cooperation to broaden and deepen the relationship," it said.

They welcomed expanding new collaborations in innovation, transport and logistics, among others, it added. They also reaffirmed Singapore and Russia's strong support for the Eurasian Economic Union (EAEU)-Singapore Free Trade Agreement, which will deepen economic ties between the two countries as well as with other EAEU member-states.

The DPMs noted that this year marks the 50th anniversary of diplomatic relations between Russia and Singapore. Russia was Singapore's 24th largest trading partner last year, and bilateral trade stood at $7.38 billion.