Russia, Singapore to develop nanotech, Vladivostok port, condoms

© RIA Novosti . Vitaly Ankov / Go to the mediabankVladivostok
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A four-day Russia-Singapore Business Forum ended in Moscow on Wednesday trumpeting the signing of three big deals on a nanotech fund, the Vladivostok port and condom production.

A four-day Russia-Singapore Business Forum ended in Moscow on Wednesday trumpeting the signing of three big deals on a nanotech fund, the Vladivostok port and condom production.

A nanotechnology fund worth $100 million will be created; the Far Eastern port of Vladivostok will be turned into an international trade center; and a Russian company will invest $20 million in condom production in Singapore, the forum said in a press release.

Russian state corporation Rusnano, the Economic Development Board of Singapore (EDB) and investment company 360ip intend to set up the Asian Nanotechnology Fund. They signed a memorandum of understanding on Monday.

Rusnano and 360ip plan to contribute $50 million each. The Singapore board will provide grants to the tune of up to $20 million to support Singaporean enterprises mentioned in the fund's portfolio. At least half of the fund will be invested in Russia-based projects.

A memorandum on the second deal was also signed Monday. ME Projects Pte Ltd (a subsidiary of Singapore logistics company CWT Limited), Europort International Pte Ltd. (subsidiary of port equipment manufacturer Portek International Limited) and the Vladivostok Sea Fish Port (Vladmorrybport) would like to jointly assess the port's potential as a strategic terminal satisfying the Far East's growing economic demands.

As regards the third deal, Russian condom manufacturer Colos intends to invest some $20 million in the construction of a plant in Singapore, which will use new petrochemical technology to produce condoms for the Russian market.

The Russia-Singapore Business Forum is an annual B2B event held in Singapore since 2006.

MOSCOW, September 29 (RIA Novosti)

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