Singapore-Russia total trade doubles to S$3.8 billion in 2008 from S$1.9 billion in 2007
Singapore, Friday, 26 June 2009 - The Singapore Business Federation (SBF) and the Russian Business Incubator (RBI) jointly organized the "Business Opportunities in Traditional and Alternative Energy Conference 2009" today to update the local business community on the emerging technologies and opportunities within the traditional and alternative energy sector in Russia. The conference also aimed to provide opportunities for the local business community to network with the Russian experts and businessmen from the energy industry.
This was the second conference jointly organized by SBF and RBI to create awareness of the Russian market after both organizations signed a Memorandum of Understanding on 14 January 2009. More than 70 business representatives from 15 sectors attended the current conference, which follows the first conference in March that focused on business opportunities in Russia's Nanotechnology sector.
Among the well-qualified faculty assembled to address the conference audience were Mr Andrey Bardizh, a leading expert of the South East Asia project team, Inter Rao Ues, who presented on "Cross-border electricity exchange as the element of the energy security of the region". He was joined by Mr Boris Firsov, Head of Engineering, EMAlliance who delivered the presentation on "Engineering services for Traditional and Alternative power generation technologies".
Mr. Sergey Obrezanov, Director & CEO, RBI "FUTURUS", said during his welcome remarks, "At the Conference today, the participants have an opportunity to have a look at the current energy agenda of Russia and Singapore, at how the balance is gradually changing between traditional and sustainable energy sectors with the latter gradually taking more space in the energy sector as a whole. Our purpose here is not theoretical. We are aiming at finding a practical application of Singapore achievements in developing green and sustainable energy technologies in the modernization and diversification plans for the Russian economy."
"This is another dimension of RBI "FUTURUS"'s activities which is related to assistance to Singapore companies which want to expand to the Russian market and which might include export of goods and technologies as well as starting production in the Russian Federation. This has become quite acute and possible in light of current economic crisis. Russia is interested to modernize its industries and innovate as well as diversify its economy, whereas Singapore is keen to diversify its export markets and develop its innovative exports," Mr. Sergey noted.
SBF CEO Mr. Teng Theng Dar, who was also at the event, said, "There are many Russian companies within the energy industry that possess advanced technologies and R&D capabilities. What they need is market access and good working knowledge of this region to fast track the commercialization of such technologies. It would be beneficial for our local firms to tap onto their vast technical capabilities to gain strategic competitive advantages in the regional and global markets. We can also explore possible avenues of collaboration such as joint ventures and promotion of these technologies into other Asian markets".
During the panel discussion that was moderated by Mr. Teng, a question surfaced on some guidelines which Singapore companies could take note of when they do business in Russia. Panelist, Mr. Viacheslav Kichatov, Deputy CEO, Economics & Finance, RBI "Futurus", said Russia has more than 80 federal regions representing a diverse business environment. In some regions; it would be favourable for companies to get into partnerships with local companies, while in other regions they may want to approach the regional administrative authorities. He noted that it was important for companies to know the federal law, custom regulations, and legal aspects, which may vary across the different regions. They need to hire an agent, consultant or a broker to assist them, for example in terms of custom clearance, they need to get a custom broker. Mr. Kichatov encouraged companies to approach RBI "Futurus" for advice and assistance when doing business in Russia.
The other panelists were Mr. Chris de Lavigne, Global Vice President of Consulting Industrial Practice, Frost & Sullian; Mr Bardizh; Mr Firsov; and Mr. Allan Lim, CEO, Alpha Biodiesel.
Amidst the current global economic downturn, SBF, as the Apex business chamber of Singapore, has been proactively assisting our local companies to venture overseas to seek opportunities in new and emerging markets. SBF remains committed to play a pivotal role in facilitating Singapore companies' market development efforts into the Russia Federation. Under the established roadmap between SBF and RBI, more events have been planned to promote sector-specific collaborations, receive in-coming delegations and facilitate business-matching sessions among the business communities in Russia and Singapore.
For more information on upcoming RBI-related events, please contact:
Renee Koh
Assistant Director, Americas, Middle East, Africa, Europe and Oceania,
Singapore Business Federation
Email: market.amea@sbf.org.sg
Tel: 6827 6866
About Russian Business Incubator
The RBI "FUTURUS" being a private entity was established in 2007 based on the interstate Protocol of intentions signed between EDB of Singapore and RosSEZ as well as FASIE of Russia. It serves as a gateway for Russian innovative & Hi-Tech enterprises and R&D organizations to expand into Singapore and to the international markets. It aims to support the international commercialization and export of Russian technologies, promote Russian R&D and facilitate Russian enterprises to grow and access international markets through Singapore.
Another dimension of RBI "FUTURUS"'s activities is related to assistance to Singapore companies which want to expand to the Russian market which might include export of goods and technologies as well as starting production in the Russian Federation. This has become quite acute and possible in light of current economic crisis. Russia is interested to modernize its industries and innovate as well as diversify economy whereas Singapore is keen to diversify its export markets and develop its innovative exports. For more information, visit www.futurus.sg.
Annex
Roadmap & Proposed Schedule of Activities 2009
Collaboration between SBF and RBI: to build awareness and generate interest in the Russian Market
1 |
4 March 2009
Topic: Nanotechnology and biotechnologies
|
2 |
26 June 2009
Topic: Green and Renewable Energy
|
3 |
Date to be confirmed
Topic: Exporter's toolkit for the Russian Market
|
4 |
Date to be confirmed
Topic: Advanced and innovative medicine with a special accent on oncology
|
5 |
Date to be confirmed
Topic: Innovative Infrastructure
|
Bilateral Trade
Russia was Singapore's 30th trading partner in 2008 with a total trade value of SGD$3.8 billions. This is an increase of almost 100% from 2007 (SGD$1.9 billion), with the trade balance in favor of Russia.
Imports from Russia increased from SGD$1.1 billions in 2007 to SGD$3.2 billions in 2008. The top import products include petroleum product refined, petroleum crude and aluminium.
Exports to Russia decreased slightly from SGD$755 millions in 2007 to SGD$633 millions in 2008. The top product categories for export consist of motor cars, telecommunication and petroleum products refined.
Singapore's Trade with Russia (Value in SGD$ Thousand)
|
2007 |
2008 |
Total Trade |
1,879,118 |
3,793,860 |
Total Imports |
1,124,244 |
3,161,020 |
Total Exports |
754,874 |
632,840 |
(Source: IE Singapore)
|
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