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Opportunities for Russian Enterprises in Singapore

Russian enterprises seeking to break into new markets can now look to Singapore.

Yesterday at Enterprise Singapore, Singapore Senior Minister of State for Trade & Industry, Dr Koh Poh Koon, and Russian Deputy Minister for Development of Russian Far East, Alexander Viktorovich Kruitkov, witnessed a Memorandum of Understanding (MOU). The MoU was signed by IPOS International (IPOS-I) and Russia’s Internet Initiatives Development Fund (IIDF). IPOS-I is the international arm of the Intellectual Property Office of Singapore (IPOS), and IIDF is Russia’s most active venture capital fund and accelerator.

The MoU aims to bridge the innovation ecosystems of Russia and Singapore. Initiatives by Russian enterprises to use Singapore as a base to access Asian growth markets will also be supported.

This is part of the “through Singapore” strategy which aims to attract and support innovative companies from around the world to use Singapore as an IP hub to base their IP. Singapore provides countless opportunities, supported by the local government, to scale up and access cross-border market opportunities in the region. The “With Singapore, From Singapore, Through Singapore” strategy was very much the chatter during IP Week @ SG 2018.

Cooperation between IPOS-I and IIDF is the realisation of that. The MoU hopes to link together both countries’ innovation ecosystems, thus supporting each other’s growth into each other’s markets.

Russian enterprises will be given access to strategic IP management consultancy services, bespoke patent search and analytics, and customised training programs and workshops. Companies under IIDF’s portfolio will have the privilege of enhancing their IP expertise and market know-how of companies wishing to scale up into Asia.

Mutually, Singapore companies will also receive assistance from IIDF to expand into Russia. Enterprises will be endowed with knowledge of the Russian market. Singapore enterprises can look forward to opportunities for collaboration with Russian businesses to create innovative products and services. These enterprises can help bring Russian ideas and IP to Asia.

Since 2010, the number of IP filings in Russia has grown year on year, testament to its growing research culture and strong tech and science capabilities. The number of IP application by foreign enterprises into Russia has grown by 18% since 2010, a clear indication of growing confidence in the Russian market.

Likewise, Asia is burnishing its reputation as a hive for innovation. A promising market is ASEAN, a region believed to be the world’s fourth largest single economy by 2030. Within ASEAN alone, SGD 4 out of SGD 10 are spent in R&D, and 60% of IP applications are filed here.

Singapore, in particular, has the right IP connections and networks to encouraging the flow of ideas and innovation into the region. Russian enterprises can look to leverage on Singapore as a launchpad. Well-connected with over 70 markets, the Republic’s established platforms also allow for expedited IP applications.

Darren Tang, Chairman of IPOS-I said, “IPOS is pleased to partner with IIDF, one of the key players in the Russia innovation ecosystem, to create stronger linkages between the innovation ecosystems of both countries. Singapore has developed a top-class IP regime and built strong connections to the dynamic and growing Asian innovation ecosystem through its extensive network of agreements. Russian enterprises will find Singapore to be an ideal location to anchor and leverage on their IP and intangible assets to access Asia’s growth markets.”

He added, “We are also pleased that IIDF will help local innovators understand and connect with the Russian innovation ecosystem. Our partnership with IIDF underscores Singapore’s role as a hub for the global flow of innovation and ideas, and the growing interest in Russia as a market and a source of deep technology.”

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