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Dec 14, 2009
Russians setting up shop
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'It's a unique business, nobody has done it in Singapore so far,' Mr Zotov, 38, told AFP by telephone from Moscow, where he started out as a car trader. -- BT FILE PHOTO
<!-- story content : start --> IF YOU want to rent an Italian supercar or British limousine in Singapore, look up Pavel Zotov - one of a new wave of Russian businessmen using the city-state as an entry point to Asia. Luxe Car Rental, Singapore's first company specialising in high-end auto leasing, was set up by the young Moscow entrepreneur over a year ago in the depths of the global financial crisis. But business is booming and Mr Zotov plans to double his fleet of eight cars, which are worth an average of 1 million each, topped by a Lamborghini Gallardo and Bentley Continental Flying Spur. 'It's a unique business, nobody has done it in Singapore so far,' Mr Zotov, 38, told AFP by telephone from Moscow, where he started out as a car trader. He is now seeking permanent residency in Singapore and looking at expanding his business to other Southeast Asian countries. 'When you meet their entrepreneurs, they are a different breed,' Michael Tay, a former Singapore ambassador to Moscow, said in an interview. Mr Tay, who inaugurated an annual Russia-Singapore business conference in 2006, played down any concerns about the source of the new money coming from Russia's opaque business world. 'When the Russians come, they go through the due diligence process,' he said, asked about the possibility of money-laundering. 'Many of them are self-made people, they have not done anything that is against the law. I don't see that as a problem.' The Russian government is keen to tap Singapore's expertise as it tries to diversify its oil- and gas-powered economy. Last month President Dmitry Medvedev brought a high-powered business delegation on a state visit here. Mr Medvedev said Russia should learn from Singapore's 'great example' of transformation from a resource-poor colonial outpost into one of Asia's top financial hubs. -- AFP
Home > Breaking News > Singapore > Story
Dec 14, 2009
Russians setting up shop
<!-- end left side bar -->
'It's a unique business, nobody has done it in Singapore so far,' Mr Zotov, 38, told AFP by telephone from Moscow, where he started out as a car trader. -- BT FILE PHOTO
<!-- story content : start --> IF YOU want to rent an Italian supercar or British limousine in Singapore, look up Pavel Zotov - one of a new wave of Russian businessmen using the city-state as an entry point to Asia. Luxe Car Rental, Singapore's first company specialising in high-end auto leasing, was set up by the young Moscow entrepreneur over a year ago in the depths of the global financial crisis. But business is booming and Mr Zotov plans to double his fleet of eight cars, which are worth an average of 1 million each, topped by a Lamborghini Gallardo and Bentley Continental Flying Spur. 'It's a unique business, nobody has done it in Singapore so far,' Mr Zotov, 38, told AFP by telephone from Moscow, where he started out as a car trader. He is now seeking permanent residency in Singapore and looking at expanding his business to other Southeast Asian countries. 'When you meet their entrepreneurs, they are a different breed,' Michael Tay, a former Singapore ambassador to Moscow, said in an interview. Mr Tay, who inaugurated an annual Russia-Singapore business conference in 2006, played down any concerns about the source of the new money coming from Russia's opaque business world. 'When the Russians come, they go through the due diligence process,' he said, asked about the possibility of money-laundering. 'Many of them are self-made people, they have not done anything that is against the law. I don't see that as a problem.' The Russian government is keen to tap Singapore's expertise as it tries to diversify its oil- and gas-powered economy. Last month President Dmitry Medvedev brought a high-powered business delegation on a state visit here. Mr Medvedev said Russia should learn from Singapore's 'great example' of transformation from a resource-poor colonial outpost into one of Asia's top financial hubs. -- AFP
