Singapore and Russia to boost startups link

They have identified innovation hubs in both countries for firms that eye expansion.

Singapore and Russia inked deals to strengthen their startups tie during the Russia Singapore Business Forum (RSBF) held in the city-state, an announcement revealed.

During the event, Enterprise Singapore signed a Memorandum of Understanding (MOU) with the Russian Export Centre, Skolkovo Foundation, and Sistema Asia Capital to bolster the expansion of Russian and Singaporean companies across the respective markets through ‘innovation hubs’ identified in both Singapore and Russia.

Through the agreement, Singapore and Russia firms eyeing to expand into each other's markets can use the Skolkovo Innovation Center in Moscow and Sistema Asia platform in Singapore respectively as a landing pad. Moreover, Sistema will support Singapore companies to establish business relationships within its group.

The Action Community for Entrepreneurship also entered into an agreement with Russia’s Internet Initiatives Development Fund (IIDF) to strengthen the connection between Singapore and Russian startup ecosystems and to push for global innovation through joint initiatives.

Singapore’s bilateral trade with Russia saw an annual growth rate of 15% from less than $2b in 2007 to $7.4b in 2017. The Lion City’s stock of direct investment abroad in Russia hit $420m as of 2015.