Rostec Expands Presence of Russian Companies in Southeast Asia

SINGAPORE, September 21, 2018 /PRNewswire/ --

Russian and Singapore Companies with support of Rostec have signed agreements on the development of cooperation during the session of High-Level Russia-Singapore Inter-Governmental Commission. The deals will expand the presence of Russian companies in Southeast Asia.  

Parties of the first agreement are The Russian Export Center (REC), RSTradeHouse (the executive structure of Russia-Singapore Business Council (RSBC) and Progression Engineering, a legal entity of the Center for Overseas Promotion of Russian High-Tech Companies and the Presentation of investment projects. They agreed to develop Russian high-tech export to Southeast Asia.

RSBC with support of Rostec created an infrastructure to promote Russian high-tech products, which has two components: the international information and service B2B platform RSTrade and the Center for Overseas Promotion, an integrator of international engineering cooperation of industrial and high-tech enterprises. The agreement intends the joint use of this infrastructure for the promotion of Russian products in Southeast Asia and the provision of support measures of REC to Russian exporters.

Besides, RSTradeHouse and the Singapore vCargo Cloud (VCC), a subsidiary of SGX Catalyst, have signed a cooperation agreement to expand trade opportunities between Russian and Singapore companies. It provides mutual integration into the platforms vCargo Cloud and RSTrade (which is operated by RSTradeHouse) of electronic services and services of this two companies.

The companies agreed to represent and promote the goods and services of the other side to their customers in the markets of Singapore and the ASEAN countries, as well as Russia and the EEU countries, respectively.

"I am convinced that the signed agreements will contribute to expanding cooperation between Southeastern and Russian companies," said Deputy CEO of Rostec and Chairman of RSBC Nikolay Volobuev. "We got together on a practical mechanism that would provide Russian companies with the ability of strengthening their positions in a perspective Asian region. The agreement signed by our holding company Shvabe and Russia-Singapore Business Council became the first step of fulfilling our agreements. We intend to significantly scale up our presence in the segments of optics, laser and high-tech medical equipment."

Under trade platforms integration, Asian companies can access more than 81,000 companies from 16 countries in Europe and Asia, including Russian, which are already represented on the RSTrade platform. This allows VCC to enter a much wider market. At the same time Russian companies can access markets of ASEAN and several African countries.