VEB to Facilitate Conversion of the Defence Industry to Civilian Production

The production of civilian high-tech products by defence industry companies is one of VEB's key priorities noted in the Bank’s strategy up to 2021. The most promising conversions were addressed at the Krasnoyarsk Economic Forum by Deputy Chairman of Vnesheconombank, Petr Zolotarev.

“The companies in the Russian defence industry have significant scientific and technical potential, which must be used for the production of civilian products. Here we have a potential for medicine, power generation, aviation, shipbuilding, space and other high-tech industries,” he noted.

VEB's approach to the support of diversification of the defence industry is based on the search for and modification of projects, as well as the development of demand. Financial support implies project financing, participation in the organization of co-financing for the project, attraction of state aid, financing of R&D, etc.

“Establishment of a conversion agency under the aegis of development institutions may be one of the drivers in this area. It will address two tasks: contribute to the diversification of defence industry companies and the creation of competitive civilian products,” - Petr Zolotarev added.

Press Office