Russia and Singapore Discuss Strengthening Commercial and Economic Relations

A meeting was held in Moscow between the Adviser to the President of the Russian Federation Anton Kobyakov and the Ambassador of Singapore Premjith Sadasivan. The meeting was focused on the strengthening of commercial and economic ties between the countries and the participation of the official delegation of Singapore in key business events taking place in Russia, including the St. Petersburg International Economic Forum, Eastern Economic Forum and International Arctic Forum.

“The Republic of Singapore is a partner that offers untapped potential for Russia in Southeast Asia and the Asia-Pacific region. Two years ago, we celebrated the 50th anniversary of the establishment of diplomatic relations between the countries, and now we are enhancing our cooperation in the commercial, economic, investment, scientific, technical and cultural areas. Last year, during the meeting of the Supreme Eurasian Economic Council, an agreement was signed on a free trade zone between the Eurasian Economic Union (EAEU) and the Republic of Singapore. I am confident that this agreement will help us fully realize the potential of bilateral cooperation between Russia and Singapore,” said Anton Kobyakov, Advisor to the President of the Russian Federation.

At the first stage, the agreement on a free trade zone between the EAEU and Singapore involves the elimination of barriers to trade, and in due course its effect will extend to services and investments.

Singapore Ambassador Premjith Sadasivan said that one of the drivers of business relations between Russia and Singapore is cooperation in innovative projects: “The digital economy is a promising area of cooperation between our countries, and we are interested in developing innovative solutions and working with Russian companies to implement joint projects. The Smart Cities project is another interesting area of cooperation. Moscow is developing a number of Smart City projects and in many ways is ahead of Singapore.”

Premjith Sadasivan also expressed his readiness to participate in the preparation of the International Arctic Forum: “Russia is making major contributions to the development of the Arctic and is implementing multiple interesting, innovative projects in various areas of the economy. Singapore is ready to participate in the preparation and staging of the International Arctic Forum.”

During the meeting, the parties discussed strengthening cooperation in the oil and gas sector. The Russians expressed their interest in offshore production platforms, with Singapore boasting the most advanced offshore platform production technologies. The Singapore Ambassador noted Russia's potential for increasing oil and gas exports to Asian countries, including liquefied natural gas, for which demand is growing in the region.

At the end of the meeting, the Advisor to the President of the Russian Federation Anton Kobyakov invited Singapore to participate in the next St. Petersburg International Economic Forum, at which the strategy for the development of the Arctic zone until 2035 will be announced for the first time. He stressed that Singapore’s participation at SPIEF will enable it to showcase its cutting-edge offshore production platform technologies to the global community and provide Russia and Singapore with the opportunity to foster mutually beneficial cooperation on the development of the Arctic.