Moscow is the latest addition to the Global Innovation Alliance (GIA) network, bringing the total number of cities under the GIA network to 16 globally.
The expansion enables Enterprise Singapore (ESG) to support the access of Singapore startups and small and medium enterprises (SMEs) into Russia, and vice versa.
This was announced by Singapore Minister for Trade and Industry Gan Kim Yong at the keynote address for the Singapore Week of Innovation and TeCHnology (SWITCH) 2021 Global channel.
Mr Edwin Chow, Assistant Chief Executive Officer for Innovation and Enterprise, ESG, said, “Despite the pandemic, many tech startups and SMEs have shown strong interest in the GIA acceleration programmes, with over 300 participants since 2020.
“With the addition of Moscow to our GIA network, Singapore startups and SMEs will be able to secure innovation & business partners as they expand into Russia and beyond. We also welcome Russian and other global startups to leverage Singapore as a base through this programme to explore markets in Southeast Asia.”
Russia’s startup ecosystem has been growing steadily, with the total value of investments growing from US$768 million in 2018 to US$868 million in 2019. 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 its partners.
ESG will be working with an appointed GIA partner to launch two-way acceleration programmes. The programmes will help Singapore-based companies across different tech sectors build a stronger understanding of the Russian business regulations and culture, meet potential partners and access the market; as well as work with foreign companies to anchor their operations in Singapore and forge new partnerships in Southeast Asia
