The holding “Helicopters of Russia” (part of Rostec State Corporation), Singapore company Progression Pte. Ltd. and the Russia-Singapore Business Council (RSBC) have signed an agreement on cooperation and joint collaboration with the Centre for Overseas Promotion of Russian High-tech Companies and Presentation of Investment Projects.
The document was signed by Andrei Shibitov, Deputy CEO for Production and Innovation of the “Helicopters of Russia”, Director of Progression Pte. Ltd. Tio Chu Lai and Nikolay Volobuev, Chairman of RSBC and Deputy CEO of Rostec State Corporation.
Under the Agreement, Progression Pte. Ltd. and RSBC will conduct market research in the interests of “Russian Helicopters”, as well as promotions and engage in activities aimed at attracting investment and building international alliances in Singapore and other countries of South-East Asia.
“The aim of the agreement is to increase the sales of helicopters in the region that offers considerable growth potential. The Center for Promotion of Russian High-tech Companies, which we are currently opening in Singapore, will become the main driver for cooperation. The purpose of this organization is to increase the presence of Russian companies, primarily Rostec, in South-East Asia, a strategic region for Russia”, – said Chairman of RSDS, Deputy CEO of Rostec State Corporation Nikolay Volobuev.
“South-East Asia is one of the most promising markets for the Holding, so we are planning to significantly increase the supply of civil engineering equipment to the countries of the region, and the agreement signed today will provide a basis for further work. Singapore is one of the world’s key economic and technological centers, and our presence here opens new horizons for the Holding”, – said CEO of the Holding “Helicopters of Russia” Andrey Boginsky.
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 the civilian industry, as well as 80 directly managed organizations. Rostec’s portfolio includes well-known brands such as AVTOVAZ, KAMAZ, Concern Kalashnikov, Russian Helicopters, VSMPO AVISMA, UralVagonZavod, etc. Rostec companies are located in 60 constituent entities of the Russian Federation and supply products to the markets of more than 70 countries. In 2016 the consolidated revenue of Rostec reached 1 trillion 266 billion rubles, while the consolidated net income and EBITDA amounted to 88 and 268 billion rubles respectively. In 2016 the average salary in the Corporation was 44 thousand rubles. According to Rostec’s strategy, the main objective of the Corporation is to ensure Russia’s 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.