Russian-Singapore business forum to kick-start about 10 new projects

Russian-Singapore business forum that begins here Tuesday will give a kick-start to about ten new business projects, the organizers of the event told Itar-Tass. For the first time over the eight years since the start of these forums, real startups proposed by commencing businessmen will presented here and business executives from both Russia and the countries of Southeast Asia will have an opportunity to assess them. Michael Tay, the executive director of the forum and the former ambassador of Singapore to Russia stressed the hope of the organizers for achieving practical results this year. In this sense, the presentation of startups will become an important step forward to the start of practical large-scale cooperation in the sphere of technologies. Experts will be familiarized with ten high-tech projects, the best of which will get funds. Of the ten projects, a half will be presented by commencing businessmen from Russia and another half, by their peers from Singapore and other Southeast Asian countries. Taking part in the forum are 800 or so government officials and business executives from both countries. The board of experts includes Singapore Prime Minister Tarman Shanmugaratnam, the President of the European Bank for Reconstruction and Development, Suma Chakbarti, and the President of Russia’s constituent republic of Tatarstan, Rustam Minnikhanov. One more special feature is a precisely focused attention on a concrete region. The government of Tatarstan will to the presentation for potential investors titled ‘Kazan Smart City: Russia’s New Business Center’. The organizers have managed to bring together the brightest minds and real world players, including the ones in the sphere of technologies, and they are going to review the tendencies in capital management and in investment strategies so as to understand in which way the businesses can utilize these very tendencies for building stronger economic ties between Russia and Singapore, Michael Tay said. As part of the forum, the sportswear trading chain Sportmaster is expected to sign an agreement on joint projects with the Singapore Sports Institute. Sportmaster is expanding the volume of regional purchases, as well as logistics and financial operations in Singapore. Russian-Singapore bilateral trade grew 30% to $ 4.8 billion in 2012. Russia is now occupying the 25th position on the list of this country’s trade partners. More than 330 Russian companies are registered in Singapore and Russian businesses are showing intensive interest towards investment in the energy sphere and natural resource sector. They are eyeing Singapore as a springboard for operations all across Southeast Asia.