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Turnover between Russia and Singapore in five months increased by 85%

In Sydney, at a meeting of G20 countries trade ministers, Russia's Minister of Economic Development Alexei Ulyukayev met with the Minister of Trade and Industry of the Republic of Singapore, Lim Hng Kiang.

"Russia and Singapore have a good track in trade and economic relations," said the head of the Russian Ministry of Economic Development Alexei Ulyukaev.

Last year, trade between the countries amounted to $ 2438,4 million - an increase by 2012 by 121,7%. For the first five months of this year, this figure was $ 1558,4 million - an increase over the same period in 2013 - 185,0%.

The ministers also discussed preparations for the fifth meeting of the Intergovernmental Russian-Singapore High Level Commission, which will be held in September this year. According to Alexei Ulyukayev, priority issues have already been identified for discussion: housing, improvement of urban infrastructure, urban planning, special economic zones, transport infrastructure, agriculture. A draft “Roadmap for the implementation of current projects of Russian-Singaporean cooperation” has been prepared.

Minister of Trade and Industry of the Republic of Singapore Lim Hong Kiang noted the effectiveness of the Russian-Singapore business forums, which have been held annually since 2006 and turned into the main platform for interaction between business circles of the two countries. "This is a good platform for joint projects," he said.

Alexey Ulyukayev informed his colleague about his intention to resume the activities of the Russian Trade Representation in Singapore. “The opening of the Trade Representation of the Russian Federation in the Republic of Singapore will allow expanding and raising to a new level trade and economic cooperation between the two countries,” said the Minister.

In response, the Singapore Minister assured that the government of this country will assist in starting the work of the trade mission.

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