More opportunities in Russia for Singapore startups as Moscow joins cities under the Global Innovation Alliance.
SINGAPORE: Singaporean startups and small and medium-sized enterprises (SMEs) will have more support to access the Russian market after Moscow is added to the Global Innovation Alliance (GIA) network, Enterprise Singapore (ESG) said on Tuesday (Nov. 9).
Meanwhile, Russian startups and SMEs will be able to use Singapore as a springboard to explore opportunities in Southeast Asia.
The expansion of the GIA, a program aimed at developing cross-border partnerships, was announced by the Minister of Commerce and Industry Gan Kim Yong in a keynote address during the Singapore Technology and Innovation Week.
Edwin Chow, Deputy Executive Director for Innovation and Enterprise at ESG, said: “With the addition of Moscow to our GIA network, Singapore start-ups and SMEs will be able to secure innovation and business partners as they expand to Russia and beyond.
“We also welcome Russian startups and other global companies to leverage Singapore as a base through this program to explore markets in Southeast Asia.”
ESG said Singapore companies have shown increased interest in business opportunities in Russia.
“In 2020, more than 30 Singapore companies participated in Russia-related corporate innovation calls and business matchmaking events organized by ESG and our partners,” the agency said.
Russia’s startup ecosystem has seen steady growth, with the total value of investments growing from the US $ 768 million in 2018 to the US $ 868 million in 2019, ESG added.