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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 30, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Russia's future depends on how it uses its oil & gas: MM
By JOYCE HOOI
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RUSSIA has come a long way and can go further if the country is able to capitalise shrewdly on its natural resources, Minister Mentor Lee Kuan Yew told more than 300 Russian business leaders at the fourth Russia-Singapore Business Forum yesterday.
He outlined several salient points for the development of Russia's businesses and economy.
'Russia's future depends on how wisely it uses its oil and gas, and translates it into the real working economy. Not just superficial activities but infrastructure - which means good communications,' said Mr Lee.
Where communications were concerned, he believed that Russia would benefit more from the 'clustering' concept.
'There is no doubt that you need to have the communications not just east to west but clusters around Moscow, around some central cities and in the east,' he said.
The other area that Russia could translate its natural wealth into is education, said Mr Lee.
He emphasised the importance of personnel within industries who could support the highly educated and gifted.
'You have top scientists, top researchers and top grand chess masters but your middle layers and bottom layers are not so well-maximised in potential.'
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</TD></TR></TBODY></TABLE>Mr Lee also noted the importance of stability, in response to a forum participant's question, on what could be done to increase the support received by small and medium-sized enterprises (SMEs) in Russia.
'If you have a good system, there will be no difficulty in getting SMEs started and that will generate a lot of employment and optimism. But to do that, you must first have stability - social and political stability, and legal certainty.'
He also highlighted the role of venture capitalism in supporting SMEs, drawing on observations of Silicon Valley and local venture capitalist efforts.
While much remains to be done for developing business and industries in Russia, the country is fast becoming a force to be reckoned with.
'I think progress is being made. There is palpable change and physical development. You can see it and not just in Moscow - better buildings, better roads, better cars,' Mr Lee said.
Igor Shuvalov, First Deputy Prime Minister of the Russian Federation, was also on the panel with MM Lee.
He lauded the symbiotic relationship between Russian and Singaporean businesses.
'Singapore needs to extend its influence, especially in highly developed countries, and it can be done through Russia,' said Mr Shuvalov during the panel discussion moderated by Michael Tay, former Singapore ambassador to Russia.
Earlier in the panel discussion, MM Lee also addressed briefly China's calls to replace the US dollar as the international reserve currency.
'I don't think that will succeed for a long time. What will happen will be that a series of three, four or five international currencies will become reserve currencies - the US dollar, the euro, the renminbi, the Japanese yen and maybe the Russian rouble if it stabilises, and that's about it,' said Mr Lee.
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Russia's future depends on how it uses its oil & gas: MM
By JOYCE HOOI
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Feedback</TD></TR></TBODY></TABLE>RUSSIA has come a long way and can go further if the country is able to capitalise shrewdly on its natural resources, Minister Mentor Lee Kuan Yew told more than 300 Russian business leaders at the fourth Russia-Singapore Business Forum yesterday.
He outlined several salient points for the development of Russia's businesses and economy.
'Russia's future depends on how wisely it uses its oil and gas, and translates it into the real working economy. Not just superficial activities but infrastructure - which means good communications,' said Mr Lee.
Where communications were concerned, he believed that Russia would benefit more from the 'clustering' concept.
'There is no doubt that you need to have the communications not just east to west but clusters around Moscow, around some central cities and in the east,' he said.
The other area that Russia could translate its natural wealth into is education, said Mr Lee.
He emphasised the importance of personnel within industries who could support the highly educated and gifted.
'You have top scientists, top researchers and top grand chess masters but your middle layers and bottom layers are not so well-maximised in potential.'
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'If you have a good system, there will be no difficulty in getting SMEs started and that will generate a lot of employment and optimism. But to do that, you must first have stability - social and political stability, and legal certainty.'
He also highlighted the role of venture capitalism in supporting SMEs, drawing on observations of Silicon Valley and local venture capitalist efforts.
While much remains to be done for developing business and industries in Russia, the country is fast becoming a force to be reckoned with.
'I think progress is being made. There is palpable change and physical development. You can see it and not just in Moscow - better buildings, better roads, better cars,' Mr Lee said.
Igor Shuvalov, First Deputy Prime Minister of the Russian Federation, was also on the panel with MM Lee.
He lauded the symbiotic relationship between Russian and Singaporean businesses.
'Singapore needs to extend its influence, especially in highly developed countries, and it can be done through Russia,' said Mr Shuvalov during the panel discussion moderated by Michael Tay, former Singapore ambassador to Russia.
Earlier in the panel discussion, MM Lee also addressed briefly China's calls to replace the US dollar as the international reserve currency.
'I don't think that will succeed for a long time. What will happen will be that a series of three, four or five international currencies will become reserve currencies - the US dollar, the euro, the renminbi, the Japanese yen and maybe the Russian rouble if it stabilises, and that's about it,' said Mr Lee.
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