Rostec signs agreements worth $1.5 billion at ‘ARMY-2018’

Rostec signs agreements worth .5 billion at ‘ARMY-2018’
Rostec signs agreements worth $1.5 billion at 'ARMY-2018'

Enterprises of State Corporation Rostec signed agreements for the amount of over 100 billion rubles ($1.5 billion) at the International Military-Technical Forum “Army-2018”. This is 2.5 times more than the amount of agreements signed last year, at “Army-2017”.

Parties to the agreements included UralVagonZavod, Concern Tecmash, Rosoboronexport, High Precision Systems NPO JSC, TSNIITOCHMASH, Shvabe, Novikombank and other subsidiaries of Rostec.

The documents cover a wide range of issues, including supplies and maintenance of modern ground military equipment, drones, radio-electronic and melee weapons. Several financial arrangements were also made to ensure financing of developments and production of modern military equipment samples. Firm orders from countries in Asia and Africa, and the CIS became part of Rostec’s portfolio of orders.

“The Forum proved again that interest in our developments grows. There are more and more negotiations regarding military-technical cooperation every year, and we are actively working with our main customers. This year we held over 120 meetings with Russian and foreign partners on the platform. We signed agreements for the amount exceeding 100 billion rubles,” said Sergey Abramov, Industrial Director of Rostec.

Overall the Forum was attended by representatives from 118 foreign states, 65 official military delegations, and 20 heads of military establishments of various countries.

At “Army-2018” Rostec demonstrated over 450 samples of armaments, military and special equipment, including helicopters, tanks, infantry fighting vehicles, anti-aircraft missile systems with shells, new types of firearms, communications equipment, radio-electronic weapons, etc.

For instance, the following was presented: the Mi-35P, Mi-35M and Mi-28NE attack helicopters, the Mi-26T2V heavy-lift military transport helicopter, armored vehicles on the Armata platform, the first Sosna serial anti-aircraft missile system, the Sprut-SDM1 light amphibious tank, the Nerpa unmanned attack submarine, new types of ammunition, an exoskeleton and a chameleon helmet to equip the “soldier of the future”, etc.

Rostec Corporation is a Russian corporation that was established in 2007 to facilitate the development, production and export of high-tech industrial products designed for civilian and military applications. The Corporation comprises over 700 organizations that are currently part of eleven holding companies operating in the military-industrial complex and three holding companies working in civilian industry, as well as over 80 directly managed organizations. Rostec’s portfolio includes well-known brands such as AVTOVAZ, KAMAZ, Concern Kalashnikov, Russian Helicopters, UralVagonZavod, etc. Rostec companies are located in 60 constituent entities of the Russian Federation and supply products to the markets of more than 100 countries. In 2017 the consolidated revenue of Rostec reached 1 trillion 589 billion rubles, while the consolidated net income and EBITDA amounted to 121 and 305 billion rubles respectively. In 2017 the average salary in the Corporation was 46,800 rubles. According to Rostec’s strategy, the main objective of the Corporation is to ensure that Russia has a technological advantage in highly competitive global markets. Rostec’s key objectives include the introduction of a new techno-economic paradigm and digitalization of Russian economy.