International Enterprise (IE) Singapore and Singapore Business Federation (SBF) led a joint business mission to the Russian Federation (Moscow, Saint Petersburg and Kazan) from June 17 to 22 to explore collaborative partnerships.
The mission comprised of nine companies from the architectural, education, electronics, information communication technologies and urban solutions sectors.
It was held in conjunction with the fourth Singapore-Russia Inter-Governmental Commission (IGC), co-chaired by Singapore's Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam and First Deputy Prime Minister of the Russian Federation, Mr Igor Shuvalov.
Amidst global economic uncertainty, Russia has stepped up structural reforms to stimulate and sustain economic growth.
As the world's eighth largest economy, it has diversified its economy to include more modern and technologically-advanced sectors.
In the last five years, the government has committed to building innovation hubs, including 88 techno-parks in 36 Russian regions and 18 Special Economic Zones (SEZ).
Russia is also the host of upcoming world events such as the 2014 Olympic and Paralympics Winter Games in Sochi, 2014 - 2020 F1 Russian Grand Prix and 2018 FIFA World Cup.
The Russian economy could also overtake Germany to become the largest European economy (in PPP terms) before year 20201.
Ms Kathy Lai, Assistant Chief Executive Officer, IE Singapore said: "The long-term growth potential of Russia remains positive as the country restructures its economy to attract foreign investments. The growing middle class and urban developments underpin the market's growth potential. These will also translate into immediate opportunities for Singapore companies in master planning, education and infocomm technology (ICT)."
During the mission, Singapore companies participated at the IGC to showcase their expertise and table their business interests in Russia.