The Russia-Singapore Business Council (RSBC) and the Singapore Manufacturing Federation (SMF), representing the interests of the country's manufacturing companies, have signed a cooperation agreement. The parties have agreed to expand the multilateral cooperation between companies of the two states, primarily Rostec's enterprises, in high technology areas that are most relevant for the Singaporean partners.
The agreement has been signed by Deputy Chairman – Executive Director of the Russia-Singapore Business Council Sergey Pronin and President of the Singapore Manufacturing Federation, candidate to the Parliament of Singapore Douglas Foo. The document also provides for establishing joint certification centers to promote Russian manufacturers' products in Southeast Asia.
“I firmly believe that this agreement will boost expansion and intensification of the cooperation between Rostec's enterprises and companies of the Southeast Asian countries,” stressed Rostec Deputy CEO, RSBC Chairman Nikolay Volobuev. “Singapore is a leading financial center in rapidly developing Southeast Asia. Therefore, by strengthening our presence, we are laying the foundation for long-term collaboration between our enterprises and companies of all states in the region.”
The official ceremony of signing the agreement took place within the Exhibition of Russian Technologies being held in Singapore on November 12–29. The exposition is organized at the facilities of the Center for Foreign Promotion of Russian High Technology Companies and Presentation of Investment Projects located in TechPlace II – a largest industrial park of the country.
Within the event, the parties have also signed a trilateral agreement between the executive body of the Business Council – RS Trade House, Singaporean company Progression Engineering (S) Pte Ltd and Autonomous Nonprofit Organization “Far East Investment and Export Agency”. The partners have agreed to jointly promote high-tech companies and investment projects of the Far East in Southeast Asia. Promotion will be supported by the Center for Foreign Promotion established by the RSBC with the support of the Rostec State Corporation and RSTrade – international electronic information and service B2B Platform.
Rostec continues implementing the large-scale program for promoting the State Corporation's high‑tech products abroad in accordance with the approved Strategy that includes 17% average annual rouble revenue growth, increase in the share of civilian products in revenue up to 50%, improvement of operating efficiency and entry into international markets.