Singapore Hosts a Business Forum as Part of Days of Moscow

Direct investment from Singapore companies in Moscow’s economy amounts to about USD 200 million, said the leader of Moscow’s delegation, Sergey Cheryomin, Minister in the Moscow City Government and Head of the Department for External Economic and International Relations (DVMS), speaking at a business forum on cooperation between Moscow and Singapore. The forum took place as part of the Days of Moscow in Singapore, being held for the first time in the history of the partnership between the two cities.

“For us, it is important that these are high-tech investments, investments in mechanical engineering, electronics, IT, pharmacology. These are high-quality investments,” Mr Cheryomin told journalists. He noted that around 30 Singapore-owned companies were operating in Moscow. By this criterion, Singapore ranks 40th among Moscow’s partner countries.

Mr Cheryomin, Head of the DVMS, said that Moscow was interested in working with Singaporeans investing in high technology, research and science. “I think this could be one of the basic elements of our cooperation,” he emphasised. In addition, Mr Cheryomin noted, the Russian capital is interested in Singapore’s experience in creating a system of technoparks and technopolises, establishing an international finance centre, developing its transport system, and many other areas.

During the business forum, Mr Cheryomin presented a number of projects of potential interest to investors from Singapore, including developing areas along the Moscow River and creating major transport interchange hubs.

The business forum included a roundtable on urban planning and development, as well as a conference on developing and deploying information technologies in an urban environment.

Turnover between Moscow and Singapore in 2015 exceeded USD 400 million. By volume of trade, Singapore ranked 39th among Moscow’s partner countries in 2015, up from 45th in 2014. Turnover between the two cities in the first half of 2016 amounted to USD 145.5 million.