Moscow becomes latest addition to GIA network

This was announced by Singapore Minister for Trade and Industry Gan Kim Yong. 

Moscow serves as the latest addition to the Global Innovation Alliance (GIA) Network, according to the Enterprise Singapore (ESG). 

The expansion was announced by Singapore Minister for Trade and Industry Gan Kim Yong at the Singapore Week of Innovation and Technology 2021 Global channel. 

Under this agreement, ESG would be able to support the expansion of Singapore startups and small and medium enterprises into Russia and vice versa. 

Edwin Chow, ESG's assistant CEO for Innovation and Enterprise, said that this move was done to welcome Russian and global startups to leverage Singapore as a means to explore markets in Southeast Asia. 

Russia’s startup ecosystem has shown signs of steady growth with a total value of investments at $1.03b (US$768m) in 2018 to $ $1.17b (US$868m). In 2020 as well, over 30 Singapore companies took part in Russia-related corporate innovation calls. 

Also to be announced at a later date is ESG’s work with an appointed GIA partner in order to launch two-way acceleration programmes.