Russia signs over $15 Bln worth of military-technical contracts in 2012 - Putin

Russia signed more than $15 billion worth of military-technical contracts in 2012, President Vladimir Putin said at the Monday meeting of the Military-Technical Cooperation Commission.

"Export contracts with a total value exceeding $15 billion were signed this year alone," he said.

The quality change in military-technical cooperation makes one hope for further growth in the military orders portfolio, Putin said.

"New areas are developing alongside traditional supplies of modern armament systems. First and foremost, joint production of military goods and R&D. This kind of cooperation cuts production costs, builds up the competitiveness of our products and helps enter markets of third countries," Putin said.

The restoration of Russia's position on the market of modernization and overhaul of military hardware is extremely important, he said. "Primarily, this is important for confirming our competence, strengthening our position on traditional markets and gaining modernization and repair contracts, the amount of which is rather large, the president said.

"Hence, we will both preserve the portfolio of military-technical orders and enlarge it," he said.

Russian defense plants will be confident of their future, create jobs, modernize industrial facilities, carry on research and development, and introduce advanced technologies, Putin concluded.

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