This week Singapore has become world’s №1 newsmaker because of international summits of ASEAN countries and their partners. For Russia the importance results from the first official visit of Vladimir Putin and the increasing economic activity in the relationships of two countries. It is particularly evident in the investments. In 2016 Singapore became the biggest investor in Russian economy, this year it is also one of the ten biggest foreign investors in Russian projects.

The Russia-Singapore Business Council actively participates in the events accompanying the official visit of the head of the Russian Federation. As we informed, on November 12 the first special Exhibition of Russian Technologies was opened at the base of the Center for Overseas Promotion of Russian High-Tech Companies and the Presentation of investment projects. The exhibition will continue its work until November 29, and thereafter it will be changed into a permanent showroom. Several important agreements were assigned here. Some new agreements have been reached today.

One of the most important was the cooperation agreement between the Russia-Singapore Business Council and the Singapore Manufacturing Federation – Singapore leading national organization, which has been representing the interests of Singapore manufacturing companies since 1932. The agreement was signed by the Deputy Chairman — Executive Director of the Russia-Singapore Business Counsil Sergey Pronin and the President of the Singapore Manufacturing Federation, Singapore parliamentary candidate Mr Douglas Foo. Within the agreement multilateral cooperation is going to be increased with the goal of convergence between Russian and Singapore manufacturing companies, first of all – Rostec’s enterprises. Singapore side showed a great interest in the technologies of these enterprises. It is also planned to create some joint certification centres to promote the production of Russian manufacturers in the countries of Southeast Asia.

Here was also assigned the tripartite agreement between the managing company of the Council – RSTradehouse, the Singapore company Progression Engineering (S) Pte Ltd and ANO Far East Investment and Export Agency. A tool to support this promotion is going to become the infrastructure created in the region by Russia-Singapore Business Council – the Center for Overseas Promotion, founded with the support of the State Corporation Rostec, as well as the international electronic information and service B2B platform RSTrade (https://www.rstradehouse.com). During the signing ceremony the General Director of the Agency Leonid Petukhov noticed the high efficiency of the tools of electronic submission and contract manufacturing automatization, functioning at the platform, for international manufacturing cooperation. The next step of the collaboration is going to be coordination of the road maps and of the tripartite agreement which comprises the State Corporation Rostec aimed at the comprehensive effort to create an enabling environment for the expansion of Rostec’s holding companies in the region.

After the signing Enterprise Singapore arranged the exchange of MOUs during the “Official Exchange of MOUs’/Agreements between Singapore and Russia companies in conjunction with State Visit of Russia President Vladimir Putin to Singapore”. The exchange was held in the presence of the Chief Minister of Singapore Mr Koh Poh Koon, who is an active supporter of the increase of the trade and economic interaction between Russia and Singapore, EAEU and ASEAN, chefs of the Enterprise Singapore (ESG) and the representatives of the business elite of both countries.