SINGAPORE (Sept 20): Singapore yesterday signed two memorandum of understanding (MOU), at the High Level Russia-Singapore Inter-Governmental Commission meeting.

These MOU were signed to encourage collaboration between the two countries to co-create innovative tech solutions and products, as Enterprise Singapore sees potential for Singapore companies and startups to collaborate with Russia’s strong science and technology capabilities, and established research and innovation culture.

Enterprise Singapore signed the first MOU with the Russian Export Centre, Skolkovo Foundation and Sistema Asia Capital to encourage the expansion of Russian and Singaporean companies across the respective markets.

To facilitate this, ‘innovation hubs’ are identified in both Singapore and Russia. And companies from both countries seeking expansion into the other market can use the Skolkovo Innovation Center in Moscow and Sistema Asia platform in Singapore respectively as a landing pad.

Meanwhile, Sistema will support Singapore companies to establish business relationships within its group.

At the same time, the Action Community for Entrepreneurship (ACE) and Internet Initiatives Development Fund (IIDF) also signed an MOU to strengthen the connection between Singapore and Russian startup ecosystems and drive global innovation through joint initiatives. This partnership was brought together by Enterprise Singapore.

Today, Enterprise Singapore organised the Russia Singapore Business Forum (RSBF) in Singapore, which top industry leaders from both countries discussed the potential opportunities and challenges of collaborating in the consumerism and technology sectors in Russia.

This year marks the 50th year of diplomatic relations between Singapore and Russia. Bilateral trade in goods between the two have been growing at a compounded annual growth rate of 15% to $7.4 billion in 2017.