SINGAPORE - Emerging market economies will remain the key driver of world economic growth over the next five to 10 years and even beyond, despite the recent volatility and challenges, said Deputy Prime Minister Tharman Shanmugaratnam on Tuesday at the Russia-Singapore Business Forum.
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More information can be found in Deputy Prime Minister Tharman Shanmugaratnam's speech below:
It is my pleasure to be here at the 8th Russia-Singapore Business Forum (RSBF). Last year, I was here at the 7th RSBF with my counterpart, 1st Deputy Prime Minister Igor Shuvalov. I am pleased to see many familiar faces in the audience this year.
The RSBF has come to play an important role, providing opportunities for businesses from both countries to meet, network and collaborate. As we mark the opening of the 8th instalment of the forum today, I would like to share some observations on our bilateral links with Russia and on how we could enhance our partnership.
Significant progress in economic ties
Our two countries enjoy excellent relations. Our economic ties in particular have come a long way. Bilateral trade in goods alone has more than tripled over the last five years. We are seeing increased investment activity as well, with growing interest among Russian companies in Singapore and vice versa. There are now more than 400 Russian companies in Singapore, up from just over a hundred five years ago.