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Russia and Singapore to launch new startup ecosystem

The Russian Direct Investment Fund (RDIF), the sovereign wealth fund of Russia, the Skolkovo Foundation and the Action Community for Entrepreneurship (ACE) of Singapore have agreed to cooperate in supporting global entrepreneurial initiatives in Russia and Singapore and assisting Russian startups in entering the Singapore and Southeast Asian markets. A corresponding agreement was signed in conjunction with Russian President Vladimir Putin’s State Visit to Singapore, RDIF’s webpage reports.

According to the agreements reached, ACE and Skolkovo will jointly develop a Regional Innovation Hub to support innovation, share best practices, information on existing projects and business conditions, and will also jointly accelerate the projects and contribute to strengthening cooperation between Russian and Singapore startup ecosystems.

“Technological development is one of the main investment strategies of RDIF, and we intend to significantly intensify our work with innovative companies within the framework,” noted Kirill Dmitriev, CEO of the Russian Direct Investment Fund.

“Through this partnership, the Solkovo Foundation will be one of ACE’s Connected Ecosystem partners and act as an innovation connection point in Russia to drive co-innovation between both countries’ startup ecosystems. Startups from both countries will be able to leverage on the enhanced connectivity to have greater level of cross-border access to network, resources, opportunities and support, including but not limited to reciprocal market access through existing programmes and co-working spaces, joint promotion of innovation events and knowledge workshops that will benefit startups from both countries,” noted Dr Mark Hon, Chairman of ACE.

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