Actuality November, 12, 2007

The State Duma accepted the act about creation of state corporation “Rostecnology” during the second and third reading.

The corporation will be formed on “Rosoboronexport” basis, the sole supplier of the Russian weapon abroad.

According to the Act, supervisory board of public corporation will contain nine members, where four members will represent the president and other four – the government. Another member of supervisory board will be a general director of public corporation.

The public corporation will be engaged both in the production and export of military equipment and assistance

in promotion of high-technology products.

“Rosoboronexport” will be integrated into “Rostecnology” as one of the subsidiary companies.

Search for means for modernization of high-technology economy sector without budget financing will be the main aim of public corporation.

Creation of “Rostecnology” is lobbied by Sergey Chemezov, general director of “Rosoboronexport”, from 2005. In summer, 2007 the president decree text was considered, and at the end of September the bill was introduced to the State Duma.

In 2006-2007 the government set its sights on creation of few public corporations in different economic fields. In particular, a public corporation on the basis of “Vnesheconombank” (Bank for Development and Foreign Economic Affairs) was created and for holding of XXII Olympic Winter Games in Sochi in 2014.