Digest news (05.09 -10.09)

Photo by Igor Skakunov

RSBC took part in several business sessions of the EEF

Russia-Singapore Business Council (RSBC), established in 2009 on the initiative of the Chamber of Commerce and Industry of the Russian Federation to develop business contacts and mutually beneficial cooperation between business communities of Russia and Southeast Asian countries, took part in the Eastern Economic Forum (EEF), which was held on Russky Island in Vladivostok. This year’s business agenda: “The Trend Toward a Multipolar World”.

The RSBC participated in numerous business programs that included high-profiled events on the most topical issues of the global and regional agenda.

The Chairman of RSBC Nikolay Volobuev spoke at the sessions “Russia – ASEAN” and "Strategic Technology Alliances: A New Imperative for Business Cooperation in Eurasia".
"The International Commercial Arbitration Court as Tools to Protect the Rights of Participants in Foreign Economic Activity in the Asia-Pacific Region" business session with the participation of Mr. Volobuev was held. He delivered an introductory speech.

On the final day of the EEF, September 8, there was a working meeting of the RSBC representatives with the leadership of the Chamber of Commerce and Industry (CCI) of Primorsky Krai. The event was held via the teleconference Vladivostok – Singapore (at the site of the Foreign Promotion Center of Russian high-tech companies and the presentation of investment projects).

Forum participants actually opened not just a new business season, but also a new chapter in the development of relations between Russia and the Asia-Pacific countries.


Singapore open to fresh proposals from Malaysia on discontinued High-Speed Rail project, says Lawrence Wong

Deputy Prime Minister Lawrence Wong on Monday (Sep 5) told Malaysian Prime Minister Ismail Sabri Yaakob that Singapore is open to fresh proposals from Malaysia on the terminated Singapore-Kuala Lumpur High-Speed Rail (HSR) project.

Mr Wong also noted Malaysia's interest in reviving discussions on the project - echoing Prime Minister Lee Hsien Loong's comments after he met his counterpart Mr Ismail Sabri during the Malaysian premier's first official visit to Singapore in November last year.

The HSR project, which aimed to reduce travel time between Singapore and Kuala Lumpur to about 90 minutes, was discontinued after multiple postponements at Malaysia's request and an eventual lapsing of an agreement in December 2020.

"Prime Minister Ismail Sabri and Deputy Prime Minister Wong looked forward to Singapore and Malaysia working together for the continued mutual benefit of both countries, including in new areas of cooperation in green and digital economies," the release added.


Nikolay Volobuev was a speaker at the EEF session and spoke about the work of RSBC

The Chairman of Russia-Singapore Business Council (RSBC) Nikolay Volobuev was a speaker at the "Russia-ASEAN" session held on Russky Island during the Eastern Economic Forum. Mr. Volobuev spoke about the work of RSBC in terms of  strengthening economic, political and cultural relations between Russia and the Southeast Asian countries.

Russia-Singapore Business Council, which this year celebrates its 13th anniversary, brings together large and medium-sized enterprises, investment funds, business accelerators, banks, insurance companies, service providers, creating conditions for trade contacts.

According to Nikolay Volobuev, in addition to the representative function, with which RSBC began its activity, nowadays its work is dominated by the business component: "It creates tools and expands opportunities through which our enterprises interact more actively with each other. Inter alia, on the initiative of the Council an executive structure called RSBC has been created in Moscow and Singapore, and there are also representative offices in the Russian regions, China, Hong Kong, Malaysia, and the Middle East," said Nikolay Volobuev.

Separately N. Volobuev noted the efficiency of the international multilingual information and service platform RSTrade that unites more than 100 thousand companies. Mr. Volobuev also stressed the importance of the Singapore-based Foreign Promotion Center of Russian high-tech companies and presentation of investment projects that even during the lockdown "has significantly expanded its functionality and nowadays works in the format of a project office on a number of international projects".

The Business Council also helps strengthen Russia's humanitarian ties with the countries of the region. Thanks to RSBC, Singapore regularly hosts Russian Film Weeks, organizes conferences and art exhibitions, and conducts educational events and internships.


Singapore's first integrated construction park, located at Jurong Port, will be operational from December 2022

The integrated construction park is one of several initiatives that form part of a new Industry Transformation Map (ITM), announced by Minister for National Development Desmond Lee on Tuesday (Sep 6).

Speaking at the opening of the International Built Environment Week, Mr Lee said that bringing the construction facilities together will lead to greater efficiencies when producing construction components. For example, raw materials like cement, sand and granite can be transported using conveyor systems instead of lorries.

This can also result in a more efficient and greener construction materials supply chain, said the Building and Construction Authority (BCA).


Russia and ASEAN countries have reached a record volume of trade turnover and have the potential to increase it further, largely due to the active interaction of business

"Russia has probably one of the most successful trade turnover structures with ASEAN countries. It is not limited to energy products, but has a wide range of products, which we supply to ASEAN countries, as well as we receive from ASEAN countries," – said President of the Chamber of Commerce and Industry of the Russian Federation Sergey Katyrin.

"We have tightly linked our economies and seek to make them stronger through formal high-level meetings, strengthened dialogue and all-round engagement. We also work closely with the private sector within the framework of the Russia-ASEAN Business Alliance and the corresponding Business Council".

"There is no coincidence that trade with ASEAN grew to a record level in 2021. This is a proof that our businesses interact quite actively,"said director of the Eurasian Economic Commission's integration development department Goar Bargesyan.