The most important current task of the domestic economy is a qualitative increase in the growth of external turnover, a change its structure towards the prevalence of non-resource exports of civilian products and, first of all, developing exports of high-tech products. Among the most promising markets, in which Russia aims – the ASEAN countries. About what kind of new business opportunities opens the activation of cooperation between Russia and Singapore, says Chairman of the Russia-Singapore Business Council, Deputy Director General of the State Corporation “Rostec” Nikolai Volobuev.
The opportunities, that offers cooperation with Singapore
- It is, of course, a serious innovative potential, both scientific and technical, and technological. I want to stress that from the four state universities of Singapore’s two largest – National and Nanyang Technological University – are among the top 40 universities in the world. They actively attract both foreign “brains” – the best scientists, and successfully commercialize the developments. There is a lot to learn, moreover, there is an opportunity of creation of joint engineering centers. Such examples are, for instance, the experience of “Sportmaster” company.
- In conditions of closing market of western countries for a major part of the domestic companies because of the imposed sanctions and injection of anti-Russian sentiment, applicable to domestic products, in the countries of the East to the Russian goods there is a positive attitude. Moreover, the civilian products of enterprises engaged in issue of dual-use goods have a positive image among consumers. Highly valued and intellectual products of Russian scientists, engineering and design solutions. It is important to use this potential, organize co-operation of various enterprises. I recommend using the resource of the Russia-Singapore Business Council. This year is already exists a number of projects, in which Council and its executive structure acts as an integrator.
- We must not forget about the potential imports. Unfortunately, it is not always possible, and it is not always advisable to promptly produce the replacement of imported parts and components. Usage the capabilities of Singapore – a serious resource in maintaining the competitiveness of Russian production and prevention its backlog from products, including Western countries.
- Singapore with its advanced transport and banking infrastructure and a positive image in the global market can act as a center of integration and localization of Russian and joint production in countries with low-cost labor.
- One cannot discount such a factor, as the depreciation of the Russian ruble against most foreign currencies. Russian products are in an advantageous position in the main competitive index – price. Russia therefore also becomes attractive for tourists from Asian countries. Of course, the need to develop infrastructure, but even so, you can use the opportunities offered by Singapore.
- Should be used a fundamentally new instruments of foreign economic relations. I mean first of all e-commerce tools. And if the market for end consumers in the face of natural persons already actively mastered by such sites as Alibaba or Ozone, the B2B market is relatively free. Here we can get priority. I note that the Russia-Singapore Business Council, represented by the Management Company and a number of companies – members of the Council is currently developing such a platform. Today filed products for their nomination on the site one and half dozen companies.
- Our state creates a number of institutions on promotion of Russian goods abroad. The first is, of course, REC. In addition, Russia and Singapore have recently made an agreement on the abolishment of double taxation.
- Current Year – cross year of culture of Russia and the ASEAN countries, in 2018 – the anniversary year of the establishment of diplomatic relations between the USSR and Singapore. In this context, it will be a variety of activities. They can be used to establish business contacts, promote their products, sell their ideas and identify key development priorities at the moment.
- As part held in this month’s visit of the State Duma speaker Valentina Matviyenko, an agreement was reached on visa-free regime with Russia Singapore for a period of up to 72 hours.
- Works is in progress on the introduction of a free trade zone between the Republic of Singapore and the Eurasian Economic Union. The conclusion of a similar agreement with Vietnam facilitated the qualitative growth of the trade turnover.
I believe that these and other ideas will be developed, and the Russian business will get real tools of output of their products to the markets of Singapore and other Asian countries, as well as an understanding of how can attract investments and partners in their current and planned business projects.