Emerging market economies will remain the key driver of world economic growth over the next five to 10 years and even beyond, despite the recent volatility and challenges, said Deputy Prime Minister Tharman Shanmugaratnam on Tuesday at the Russia-Singapore Business Forum.

He also noted that Russia-Singapore ties have broadened and deepened in scope, extending beyond economics into education and even the arts.

Delivering the keynote address at Suntec City Convention Hall, Mr Tharman said: "Despite recent volatility and challenges, the emerging market economies will remain the main contributor to global economic growth over the next 5-10 years, and likely beyond."

He added: "There are also significant opportunities arising from the rise of the middle class in the emerging world."

Mr Tharman also highlighted the improving bilateral ties between Singapore and Russia, noting: "Our overall relations with Russia have become much broader and deeper in scope."

He said Singapore companies are now active in a wider range of business sectors in Russia, including those related to urban development such as master planning, township development, transport and infrastructure, as well as agribusiness, IT and education.

Mr Tharman said a new area with much potential for bilateral collaboration involves the arts, culture and tourism.

For instance, two Russian art galleries were opened here last year, and the world-renowned Bolshoi Ballet will be performing here in November.