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Russia Launches its First Incubator Outside its Borders in Singapore |
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Singapore and Russia come together to sign a protocol of intentions
1. The Singapore Economic Development Board (EDB) and Russia’s Federal Agency for Management of Special Economic Zones (RusSEZ) and Foundation for Assistance to Small Innovative Enterprises (FASIE) signed a protocol of intentions to establish a Russian business incubator in Singapore. This is the first Russian business incubator outside of its borders.
2. The incubator in Singapore will serve as a gateway for Russian enterprises and R&D organizations to expand into the international market. Specifically, the incubator will work in three areas:
i) Facilitate Russian enterprises to grow and access international markets through Singapore.
ii) Support the international commercialization and export of Russian technologies through
Singapore.
iii) Promote Russian R&D and engineering services to the international market through Singapore.
One key focus of these incubator activities will be on Russian enterprises and organizations with science, technology and engineering capabilities and products which have potential in the international market.
3. This new initiative synergizes the strengths of Russian enterprises and Singapore’s business environment to create mutual benefit. Russia intends to bring its deep expertise in science and technology, and an increasing number of technology-based enterprises into the world market. They can strike partnerships with Singapore’s vibrant ecosystem of diverse enterprises from all over the world and leverage on Singapore’s extensive linkages with global markets, sophisticated manufacturing capabilities, robust intellectual property protection regime and pro-business environment to internationalize.
4. This new incubator now brings the number of foreign incubators to 43, out of a total of 114 incubators in Singapore. The foreign incubators are from 21 countries and the new incubator adds to the diversity of our dynamic pool of incubators and vibrancy of our enterprise ecosystem and R&D landscape. The incubator will also allow Singapore based enterprises greater access to Russian science and technology.
5. RusSEZ and FASIE will play the lead role in setting up an office in Singapore to facilitate Russia enterprises establishing a presence here. They will provide project facilitation expertise to the Russian innovative start-ups and small and medium enterprises to expand access through the Singapore incubator.
6. This initiative builds on Singapore’s cooperation with Russia on Special Economic Zones (SEZs) development. On 15 August 2006, a Memorandum of Understanding was signed between the Russian Minister of Economic Development and Trade, Mr German Gref, and Singapore’s Minister for Trade and Industry, Mr Lim Hng Kiang, to provide advice and sharing of expertise in SEZs. Four out of six SEZs were earmarked for development in Russia to focus on innovation and technology creation.
7. Bilateral ties between Russia and Singapore are growing. Trade with Russia has risen steadily since 2000, reaching S$1.32 billion last year. Currently, Singapore host close to 100 companies with major Russian shareholding in Singapore, primarily in the oil trading and shipping sectors. This latest joint effort will help pave the way for increased trade, economic, technology and investment linkages between Russia and Singapore.
For media enquiries, please contact:
EDB
Ms Neha Dass
Senior Officer, Marketing Communications
Tel: (65) 6832-6134
E-mail: neha_dass@edb.gov.sg
About RusSEZ
The Federal Agency for Management of Special Economic Zones (RusSEZ) was formed in July 2005 to establish regulations for zones with special economic, customs and administrative regimes in the Russian Federation. Russia’s objective in creating SEZs is to advance the development of its process, high technology and transport infrastructure industries (for example, in the automobile, equipment manufacturing, chemical production, pharmaceutical and IT, nanotechnology, biotechnology sectors). RusSEZ currently oversees four technological and innovative zones and two manufacturing and production zones. It is considering additional zones in the tourism sector.
About FASIE
The Foundation for Assistance to Small Innovative Enterprises (FASIE) is a non-profit organisation established by the Russian government in February, 1994. FASIE’s main task is to develop and support small innovative Russian enterprises thought direct financial assistance as well as facilitation of projects to develop and produce new high-tech products. To date, FASIE has assisted more than 4000 SMEs from across Russia.
About the Singapore Economic Development Board
The Economic Development Board (EDB) is Singapore’s lead agency responsible for planning and executing strategies to sustain Singapore’s position as a compelling global hub for business and investment.
We work closely with local and foreign companies across a diverse range of activities in both manufacturing and services to help them move towards higher value-creating operations in an increasingly knowledge-based and innovation-driven environment. We also encourage companies to use Singapore as a headquarters and total business centre to manage their global or regional functions to service their global or Asia Pacific operations.
For more information on how EDB can help in your business and investment, please visit www.sedb.com
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