More opportunities in Russia for Singapore start-ups as Moscow added to cities under Global Innovation Alliance

SINGAPORE: Singapore start-ups and small- and medium-sized enterprises (SMEs) will have more support in accessing the Russian market after Moscow was added to the Global Innovation Alliance (GIA) network, Enterprise Singapore (ESG) said on Tuesday (Nov 9).

Russian start-ups and SMEs, meanwhile, will be able to use Singapore as a springboard to explore opportunities in Southeast Asia.

The expansion of the GIA, a programme aimed at developing cross-border partnerships, was announced by Minister for Trade and Industry Gan Kim Yong in a keynote address during the Singapore Week of Innovation and Technology.

Mr Edwin Chow, assistant CEO 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 into Russia and beyond.

“We also welcome Russian and other global start-ups to leverage Singapore as a base through this programme to explore markets in Southeast Asia.”

ESG said that Singapore companies have shown increased interest in business opportunities in Russia.

“In 2020, over 30 Singapore companies participated in Russia-related corporate innovation calls and business matching events organised by ESG and our partners,” the agency said.

Russia’s start-up ecosystem has seen steady growth, with the total value of investments growing from US$768 million in 2018 to US$868 million in 2019, ESG added.