MOSCOW, May 18 (Itar-Tass) —— Rostekhnologii will account for 150 billion rubles of state defense orders in 2012, President Vladimir Putin said on Friday.

“Corporation entities made 138.5 billion rubles worth of defense works in 2011, and the sum would reach 150 billion this year,” he said.

Putin recalled plans of large-scale modernization of the Russian Armed Forces. “The serial production of modern armaments and hardware will increase manifold. These products must be equal to or even better than foreign analogs, which exist and will be made in the future,” he said.

The achievement of this goal requires modernization of the defense sector, construction of new plants and introduction of new management models, which will lower costs, increase efficiency and upgrade product quality, he said.

“Rostekhnologii must become a leader of these processes. It will promote the exchange of new technologies between defense and civilian industries,” Putin concluded.