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Russia to inject 3 trln roubles into defence industry - Putin

October 07, 2011, 16:09 UTC+3

"I hope that a finalized draft program will be submitted to the government for consideration in the shortest possible timeframe," he said

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MOSCOW, October 7 (Itar-Tass) — Russian Prime Minister Vladimir Putin has stressed the need for the soonest possible adoption of a federal program for the defence industry development until 2020.

“I hope that a finalized draft program will be submitted to the government for consideration in the shortest possible timeframe,” he said.

“We have to drastically modernize most enterprises and holdings of the country,” he said. “In general, the talk is about modernization of 1,700 enterprises.”

“In other words, we have to prepare our industry for mass serial production of promising military hardware and weapons, which combat characteristics fully meet demands of the armed forces for quality and what is no less important for price.”

“We face a large-scale task to practically fully reequip our army and fleet in the upcoming ten years,” Putin said.

“It’s absolutely evident that while re-equipping the army and the fleet, we will, of course, first of all focus on our own defence industry,” the prime minister said. “For ten years we should inject around 3 trillion roubles into the defence complex. These are huge funds.”

He underlined that “such investments into the defence industry will help to modernize the whole Russian economy.”

“As soon as huge funds are injected into the defence complex, this always somehow indirectly exerts effect on the general technological level of the whole economy, stimulates the development of high-tech industries, including that through the system of research, design and experiments,” Putin said.

“The creation of a stable research and technological reserve in the defence industry is one of our priorities. That’s why around 20 percent of investments will be earmarked for research and development,” he said.

Among other priorities Putin named modernization of the rocket and space, aircraft- and shipbuilding industries, communications and management systems.

Putin underlined that the government will support those enterprises that attract funds and investments into upgrading their production.

“Beginning from 2015 we will subsidize payment of interest rates for the credits extended by Russian banks, including Vnesheconombank, to implement projects under the federal program for the defence industry development. We will include these funds into the next budget,” he said.


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