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Deputy Prime Minister of Russia Dmitry Chernyshenko and Senior Minister, Minister-Coordinator for Social Policy of the Republic of Singapore Tharman Shanmugaratnam held the 11th meeting of the Intergovernmental Russian-Singaporean High-level Commission by videoconference.

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Dmitry Chernyshenko and Senior Minister, Minister-Coordinator for Social Policy of the Republic of Singapore Tharman Shanmugaratnam held the 11th meeting of the High-Level Intergovernmental Russian-Singaporean Commission by videoconference

The co-chairs of the commission discussed trade issues, in particular, mutual deliveries of agricultural products to the markets of the two countries, interaction in the field of services and investments, digitalization and ICT, innovation and sustainable development, as well as cooperation in the field of arbitration.

In his welcoming speech, Dmitry Chernyshenko thanked his colleagues for their support in creating a Russian Cultural Center with an Orthodox church in Singapore. He also noted that thanks to the effective work of the commission, the Center for Digital Innovations and Information and Communication Technologies was opened in the city-state. He helps Russian and Singaporean companies to enter the markets of the two countries.

“Cooperation in the field of digitalization is one of the main directions of our interaction. As part of the commission’s work, we will take joint steps to promote high-tech companies to the markets of the two countries. Russian exporters are interested in increasing food supplies to Singapore. We are grateful to our Singaporean colleagues for conducting a video inspection of a Russian poultry meat production facility. We know that this is the first audit experience in this format for Singapore, and we are glad to be an accomplice in this experience. As a task for the future, I propose to designate a joint goal to increase mutual trade turnover up to 5 billion US dollars by 2025, ”said Dmitry Chernyshenko.

At the end of 2020, the Russian-Singaporean trade turnover amounted to USD 1.68 billion and for the nine months of 2021 – USD 1.71 billion.

“Our task is to build on the progress achieved, to speed up the solution of joint issues. Despite the pandemic, we are expanding cooperation in the field of innovation and education. Promising areas are food, digitalization and sustainable development. We have made progress in the joint modernization of Russian airports. Singapore is also an entry point for Russian ICT companies to ASEAN countries. Recently, Gazprom has significantly expanded its presence in Singapore. We are interested in cooperation with Russia on the development of the Arctic, ”said Tarman Shanmugaratnam.

The Russian Deputy Prime Minister invited his colleagues from Singapore to take part in the Arctic – Territory of Dialogue International Arctic Forum next April in St. Petersburg, as well as in the 25th St. Petersburg International Economic Forum and the 7th Eastern Economic Forum in Vladivostok.

Dmitry Chernyshenko also added that a promising area of ​​cooperation between the two countries is the joint implementation of climate projects and the development of a green economy. For example, Singapore could become one of the potential markets for the supply of hydrogen from Russia.

Opportunities for cooperation in the development of ESG financing were noted. In particular, DOM.RF JSC presented its proposals on cooperation to the Singapore partners.

“The banking and financial sector is promising. Cards of the Russian payment system “Mir” are already accepted at ATMs in a number of countries. We propose to work in this direction with Singapore. Your country is interesting to Russian citizens from the point of view of business and tourism. I am confident that the use of customary payment instruments by Russians will have a positive effect on our economic ties, ”added Dmitry Chernyshenko.

During the meeting, in the presence of Dmitry Chernyshenko and Tarman Shanmugaratnam, bilateral documents were signed. The first is a Memorandum of Understanding between the Russian company Sportmaster and Singapore-based NextEvo on the joint development of sustainable fabrics from plant materials for the production of clothing.

An agreement of intent was signed between the Skolkovo Institute of Science and Technology and the National University of Singapore. They plan to implement joint educational programs and research projects.

Following the meeting, the co-chairs of the Russian-Singaporean Intergovernmental Commission signed a joint statement.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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