Moscow courts Singapore businesses

Moscow courts Singapore businesses

SINGAPORE - The Moscow government and KPMG today hosted the Singapore launch of Destination Moscow 2013 - a series of events which engages the international business community and promotes constructive dialogue with investors around future opportunities in Moscow.

A delegation from the Moscow government met with Singaporean authorities and business representatives to discuss strengthening ties between Singapore and Moscow and develope a greater Singaporean presence in the Russian capital.

"Our focus is on improving the Russian investment climate, and that begins with addressing any misconceptions the international business community may have," said Andrey Sharonov, Minister of the Moscow Government and Deputy Mayor of Moscow for Economic Policy.

"The reality is that Moscow already attracts more than 25 per cent of all foreign direct investment into Russia and has become a key location for 70 per cent of Fortune 500 companies. We have highlighted legitimate opportunities to further develop Russia's financial services, automotive and technology sectors, and there is no better way to do this than tap into Singaporean businesses' existing capabilities in these areas."

The economic relationship between Russia and Singapore has grown considerably in recent years, with trade between the countries totalling US$4.7 billion (S$5.86 billion) in 2011 and 330 Russian companies now operating in the Asian hub compared with just 14 in 2004.

Plans for increased economic cooperation are also in place as Russia looks to innovate its agro-industrial sector and update its social security and housing programs based on Singaporean case studies. Discussions around expanding ties between the universities of both countries are underway.

Mr. Sharonov said the Destination Moscow Roadshow allows us to outline our significant commitments to trade and industry reform and to vividly illustrate the opportunities available to international and Singaporean businesses in the city that drives Russia's growing economy.

"Moscow is determined to rapidly improve the quality of life for its growing population, and the most cost-efficient and economically-viable way to do that is to attract private businesses that are open to the magnitude of infrastructure and consumer investment opportunities on offer."

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