Putin: Some of Russia's defense enterprises could be privatized

Russian President Vladimir Putin is not ruling out the possibility that some of Russia's defense enterprises could be privatized and partly sold on the market.

Russian President Vladimir Putin is not ruling out the possibility that some of Russia's defense enterprises could be privatized and partly sold on the market.

"We are looking closely now at which of them - certainly not all but some of them - could be corporatized, and part of their assets could be sold on the market," Putin said at VTB Capital's 6th Annual 'Russia Calling' Investment Forum on Thursday.

"Some 25 percent of products released by our defense industry today are for civilian purposes," he said.

Therefore, "in order to make these enterprises more flexible, more efficient, and more competitive, we don't rule out that some of them may be corporatized and brought to the exchange and to the market," he said.

"This creates more favorable conditions for development," Putin said.

The state will invest 3 trillion rubles($76 billion) in its defense industry in the near future, Putin said. "These funds are envisioned in the budgets of this and the coming years, and we haven't cut anything there. We are somewhat stretching the government armaments program not because we are short of money but because the industry is not ready yet," he said.

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