The recent Russian-Singapore Business Forum (RSBF), which was attended by several well-heeled Russian movers and shakers, certainly helped change that perception as it shed some light into their mentality, way of life and mode of operation.
There are many interesting stories to share but for me, one individual really stood out: Mr Vladimir Tyurenkov, Managing Director of Hansberger Global Investors (HGI), a U.S. investment advisory firm managing more than $10 billion in assets for global, emerging markets and international mandates. I was privileged to be the Liaison Officer to him as he was among the VIPs who was invited to come to Singapore for the RSBF.
When we first met at the RSBF opening party, Mr Tyurenkov caught me way off guard by apologising to me for speaking in Russian with his friends.
"I have not met many of my Russian friends in a long while. Hope you understand", he apologised, not once, but on three separate occasions over the duration of the RSBF. And he politely asked me if it's possible to bring him and his girlfriend to the Helipad at the top floor of the Swissotel where they will have an unparalleled view of the F1 racing. What a charmer.When I politely informed him that the Helipad remained off-limits because of the bad weather, he smiled and replied, "It's fine. I understand. Thank you for checking for me."
On the drive to the Fullerton for the lunch with SM Goh, I was able to engage in a more in-depth conversation with him regarding his views on the Russian economy.
The big story in Russia now is still oil. Most of the stock market (around 60.6%) is in oil and gas which only consist of 21.5% of Russia's economy. But opportunities are abound with the expanding real estate market, rising corporate debt market, a huge increase in Russian mutual funds, and more Russian IPOs. In fact, the debut of Rosneft could easily be the biggest IPO in history.
This is a sharp contrast to the post-Soviet Russia where "oligarchs" practically became millionaires overnight by using their influence to purchase state-owned enterprises at firesale prices. This was a sad story of Russia's privatization scheme where a minority enriched themselves while the average Russian was left to fend for himself. Vast inequality persisted and state infrastructure was virtually neglected.
With his vast experience working for the Russian government to develop and implement business plans for Russian companies entering the private sector, Mr Tyurenkov pointed out his role in creating "new wealth" for Russia and providing opportunities for a new breed of businessmen to create wealth "from scratch" and contribute to Russia's growth. His companies help restructure company product lines, formulate financial resource management strategy, and provide credit to business developments.
On the topic of doing business with the mainland Chinese, Mr Tyurenkov lamented that it was "very difficult to do business with them" because they are very "shrewd" and "always asking more for less".
However, he had many good words for Mr Michael Tay, our former Ambassador to Russia, who was a "good friend" of his and who is "well-respected" in Russia, and was instrumental in launching the RSBF as a platform for Singaporeans and Asians to engage the Russians.
Mr Tyurenkov also enquired to me about the real estate market in Singapore, as well as youth perception of careers in the private versus the public sector. Obviously, he does show some interest in developments in this little red dot of ours.
The RSBF is a successful event but more importantly for me, it allowed me to gain some insights into the mentality of Russia's "new wealthy". With his personal charm, eloquence, down-to-earth personality and experience, I am indeed awed by Russians like Mr Tyurenkov.
And with his drive and vision, I'm sure Mr Tyurenkov will become a bigger player in helping to shape Russia's economy and future.
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