Russian State Corporation Rostec and the Singapore Manufacturing Federation (SMF) have signed an agreement aimed at promoting Russian high-tech products in Southeast Asia. The document, which has been developed with the active participation of the Russia-Singapore Business Council (RSBC), will enable more than 3000 SMF member companies and more than 700 Rostec enterprises to expand opportunities for cooperation and joint production.
The contract manufacturing market of the EAEU and the ASEAN is approaching $4.5 bln in terms of volume, with a development trend that is exceeding the production growth rate. Southeast Asia is one of Rostec’s most important partners with which the State Corporation intends to expand foreign economic relations.
“The signed agreement on cooperation opens up new horizons for mutually beneficial bilateral technology transfer, and also the exchange of industrial, engineering and research competencies. I am confident that, in conjunction with other tools and formats for cooperation and promotion, Rostec’s agreement with the SMF will lead to qualitative changes in the positions of our enterprises, both in Singapore and in Southeast Asia as a whole,” said Nikolay Volobuev, Chairman of RSBC and Deputy CEO of Rostec.
The agreement, among other things, includes the use of RSBC infrastructure, such as the Singapore-based Centre for Foreign Promotion of Russian High-Tech Companies and the Presentation of Investment Projects established at the initiative of the Council and with the support of Rostec.