SINGAPORE, September 24 (Itar-Tass) - Russia’s Sportmaster retail network and Singapore’s Nanyang Technological University will create their own research centre in Singapore.

Participants in the project signed the deal during Russian-Singapore Business Forum on Tuesday.

The centre will develop innovative sportswear and footwear. The retailer’s three-year investments into the project will total $3.5 million.

“The idea of our forum is to expand borders and put forward new initiatives for businesses,” Executive Director of Russia-Singapore Business Forum Michael Tay said. “In this respect the agreement between Sportmaster and Nanyang Technological University fits the format of the discussion between the two countries’ business communities.”

Nanyang Technological University is one of Singapore’s largest universities. In 2008 it has been ranked the 69th best university of the world by Times Higher Education Supplement.