Joint Press Statement

RUSSIA AND SINGAPORE SIGN MOU ON ECONOMIC COOPERATION IN SEZS

Russia and Singapore today signed a Memorandum of Understanding (MOU) on Economic Cooperation in Special Economic Zones (SEZs). The MOU was signed in Moscow by Singapore's Minister for Trade and Industry, Mr. Lim Hng Kiang and the Minister of Economic Development and Trade of the Russian Federation, Mr. German Gref.

Under the MOU, Singapore will play an advisory role in the development of SEZs in Russia as well as share its expertise and knowledge in the development of industrial parks in Singapore and overseas. For a start, Singapore will be offering advice and assistance to the development of the SEZs in Tomsk and Elabuga in the next 6 months. This includes the conduct of customized training programmes for Russian federal and local officials responsible for the implementation of the SEZs.

Under the MOU, Russia and Singapore also established a high-level Joint Steering Committee (JSC), co-chaired by Minister Lim and Minister Gref, to oversee the implementation of the MOU and to engage in mutually identified areas of interest. The first JSC meeting was held at the occasion of the MOU signing. Besides SEZ-related matters, other areas such as science and technology, energy, tourism and avoidance of double taxation were also discussed.

MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

15 AUGUST 2006