SINGAPORE, December 24. /TASS/. Trade between Russia and Singapore will grow 50% this year to reach a record high of $8 billion, Russian Ambassador to Singapore Leonid Moiseyev told TASS on Wednesday.
“The outgoing year was successful for bilateral ties, with trade growth being the most impressive result. We expect to reach an absolute record,” the diplomat said, adding that a positive tendency had continued for the past few years.
“Given the global economic situation which has seen a certain slowdown of Chinese economic growth, as well as against the background of obvious difficulties facing some other countries of the Asia Pacific region, the Russian market, ties with Russia are becoming increasingly attractive for Singapore,” the diplomat said.
Moiseyev said energy resources had the main role in trade growth. “Singapore is on its way to becoming a global energy hub in oil and gas trade, as well as a major centre of oil refining.”
Singapore was becoming a lucrative partner for Russia given its achievements in the construction of offshore oil platforms, the ambassador said.
Besides, Singapore was building ships for Russia operating at the Caspian Sea, and cooperation could be established also on Arctic fields, he said.
This year, Singaporean officials and business people have made useful trips to some Russian regions, including to Siberia and the Far East, eying possible cooperation in oil refinery, agriculture as well as modernization of airports in the Far Eastern cities of Vladivostok and Khabarovsk, the diplomat said.