ST. PETERSBURG, June 7. /TASS/. The defense industry in Russia should be developed in a way that special companies also produce nondefense products, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"We always proceeded from the need to think about conversion. You know, not simply about conversion, there is a need to think of developing these production facilities by a modern method. What I mean? Globally, those producing special machinery and armament, the companies, they simultaneously also make civilian products. And this combination of two direction provides a very good synergetic effect on not merely attracting investments but also attracting high technologies," Putin said.

The defense potential was not merely squandered in Russia in 1990s but it was destroyed, the president said. Much had to be done to restore the defense industry production since early 2000s, the head of state added.