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Feb 15, 2019

Russian Railways, Rostec and VEB.RF agree to cooperate on creation of high-tech Russian products in rail industry

Russian Railways, the state corporation Rostec and VEB.RF have signed a memorandum on cooperation in the field of import substitution, innovative development and the implementation of digital economy projects.

The document was signed by Oleg Belozerov, Chief Executive Officer and Chairman of the Board of Russian Railways, Sergey Chemezov, Head of the Rostec State Corporation, and Igor Shuvalov, Chairman of VEB.RF.

The beginning of the joint work was announced at the Russian Investment Forum, which is being held in Sochi.

Within the framework of joint activities, the partners intend to promote the creation and localisation of high-tech civilian products in the interests of Russian Railways. This will be based on the existing technological reserves of Rostec enterprises. Financing might be attracted from VEB.RF.

In the course of cooperation, a portfolio of products and solutions will be created for the Rostec State Corporation radio-electronic cluster, which can be used by Russian Railways. Roadmaps will be developed to create and localise high-tech products for the railway industry.

The agreement envisages that VEB.RF will provide financial and economic expertise on investment projects and elaboration, and possibly financing.

Solutions that are found within the framework of cooperation between Russian Railways, Rostec and VEB.RF may have export potential and will be promoted on international markets by the three partners.

The most promising areas of cooperation are likely to be Russian digital solutions in the field of automated control systems, IT and telecommunications equipment, robotics and the control of industrial Internet devices that guarantee a high level of information security.

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