Russia
With large reserves of mineral and energy resources and a sizeable consumer market, Russia holds many opportunities for business development and expansion.
Economic statistics
US$15,270.7
GDP per capita (2022)
The World Bank
S$4.99b
Total bilateral trade in goods (2023)
UN Comtrade Database
30th
Trading partner rank (2023)
Enterprise Singapore
About this market
144.2m
Population (2022)
The World Bank
US$2.24t
GDP (2022)
The World Bank
-2.1%
GDP growth (2022)
The World Bank
Growing consumer spending
Tap Russia’s growing middle class and private sector. Consumer spending is expected to drive GDP growth over the coming years.
Springboard into markets
Russia is a member of the Eurasian Economic Union and has strong economic ties with Central Asia, enabling easy access to nearby markets.
Vibrant economic environment
Discover Russia’s economic potential in consumer, trade and technology sectors as the country pivots business towards Asia.
Key opportunities
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Consumer
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Technology
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Trade
Russia is experiencing a growth in e-commerce, which creates new opportunities for consumer businesses as well as those that enable e-commerce, such as warehouse service, fulfilment service and CRM system providers.
Through the Skolkovo Foundation Centre, Russia drives innovation in key areas such as energy efficiency conservation, information technology development, biomedical engineering equipment, pharmaceuticals manufacturing, and space exploration.
Partner Russian companies and startups to innovate and develop new products and services in those areas.
Russia is a key supplier of oil and gas, wheat, metals and fertilizers, a large portion of which is exported to Asia. Singapore companies can not only invest into these sectors, but also leverage Russia’s trade with Asia for business.
For example, Singapore companies, which have deep knowledge of the region and networks, are well-placed to partner Russian companies to export products to Southeast Asia.
Learn about Russia's business hub
Moscow
Moscow is Russia’s capital and biggest city. It is also the country’s most important transportation hub and political, economic, cultural and scientific centre. The city is served by major airports, railway stations, river ports and the Moscow Metro, an extensive underground network.
Ways for you to start in Russia
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Learn about doing business in Russia and tap our range of programmes to set your business up for success.
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Get in touch with partners, government agencies, and Singapore associations to help you enter Russia.
