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“Belarus views Singapore as an important and promising partner in Southeast Asia, influential country and a major participant in international relations. The visit of a Belarusian state delegation to Singapore in March 2013 attested to this. The Belarusian President was very much satisfied with the results of the visit,” Vasily Matyushevsky noted.

In many respects, Singapore is an example to follow for resource-poor countries. “Your economy is also oriented at other important resource – people,” the Deputy Prime Minister said.

He added that a number of large Belarusian companies, including BelAZ, Belshina, Belarusian Potash Company, and Minsk Tractor Works (MTZ trademark), have representative offices in Singapore.

Vasily Matyushevsky invited Singapore to consider Belarus as an entry point to the Eurasian Economic Union (EEU). Besides, he stressed that Belarus is interested in Singaporean investments and technologies.

“We are also ready to strengthen cooperation between banks. According to recent expert estimates, Singapore ranks third among the largest financial centers in the world. We would be glad to welcome a Singaporean financial institution in the Belarusian banking sector. We would also consider offering bank assets, for example, of Bank Moscow-Minsk,” Vasily Matyushevsky pointed out.

He noted that Belarus is interested in attracting large Singaporean food production and distribution companies. “We hope to find points of contact with respect to the sale of the assets of Belarusian milk processing companies,” Vasily Matyushevsky emphasized.

Belarus is considering Singapore’s initiative to start drafting an agreement on establishing a free trade zone with the EEU. “I would like to inform you that the EEU member states and the Eurasian Economic Commission are already working on the matter,” Vasily Matyushevsky said.

He added that the Belarusian side is eager to draft and sign an agreement on free trade in services. “We believe that both Belarus and Singapore can contribute to this work,” the First Deputy Prime Minister noted.

Belarus also sees great prospects for strengthening bilateral cooperation in technology, science, and education. “We hope that the results of the visit will advance our relations,” Vasily Matyushevsky said.

For his part, Koh Poh Koon thanked the Belarusian side for hospitality. “I think that Belarus is a wonderful place for doing business. Of all the countries of the region, Singapore has the best relations with Belarus,” he pointed out.

In 2015, the trade between Belarus and Singapore totaled $30.9 million. Belarus’ major exports were oil products, digital integrated circuits, and foodstuffs. Belarus imported computer equipment, chemical products, home appliances, radio equipment, and medical equipment.

There are seven companies with Singaporean capital registered in Belarus. They are mainly involved in commercial activities.

In 2015, Belarus received $3.18 million in foreign direct investment from Singapore, including $2.53 million net investment.