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Russia’s VEB, NP GLONASS and China’s Norinco Group sign cooperation agreement

VEB, Non-Commercial Partnership for Promotion of Navigation Technologies Development and Application (NP GLONASS), and China’s Norinco group of companies concluded a cooperation agreement at the St. Petersburg International Economic Forum. The document was signed by Chairman of Vnesheconombank Sergey Gorkov, President of NP GLONASS Alexander Gurko, and President of Northern Electronics Institute (incorporated by Norinco Group) Liang Peikang.

The agreement envisages strategic partnership in creating an international design centre of navigation technologies for receiving and processing GLONASS system’s satellite signals.

“The support and attraction of investments in advanced development technologies is one of VEB 2.0 strategy’s priorities. We set our sights on those industries where Russia can be a global leader. As part of our joint project with NP GLONASS we plan to carry out an expert analysis and provide investment consulting for our partners on how to structure transactions with share and debt capital,” Sergey Gorkov says.

“The establishment of such international consortiums and the regular use of development institutes of the Russian Federation are funding the creation of a new generation of GLONASS-supported navigation chipsets and final solutions based on them. Eventually we will create a dedicated technological navigation cluster for concentrating scientific and technical potential as well as for training personnel and developing research establishments is currently of paramount importance. This will ensure the development of domestic companies capable of promoting GLONASS technologies on the world market in the competitive environment,” said Alexander Gurko.

The project development envisages implementation not only in Russia but also abroad, including in the PRC, which expressed interest in the project. China North Industries Corporation (Norinco Group), (中國北方工業公司), represented by its 100% affiliate North Electronic Research Institute Co, is responsible for the development and commercialization of on-land infrastructure for China’s Beidou satellite navigation system, became a participant in the agreement.