Wed, 19 Jun 2019

New Delhi [India] June 11 (ANI/BusinessWire India): Rostec State Corporation, Russian Railways and VEB.RF (Vnesheconombank) have signed a roadmap for import substitution of digital products used in the railway industry. The signing ceremony took place during the St Petersburg International Economic Forum SPIEF 2019.

The document was created to implement the Memorandum of Cooperation in the field of import substitution, innovative development and implementation of digital economy projects, signed by the parties in February.

According to the roadmap, high-tech products and solutions of the Rostec's radio-electronic cluster will be submitted for testing in the enterprises of the railway industry. Successfully approved equipment will later be acquired by Russian Railways with the possible involvement of funding from the State Development Corporation VEB.RF.

"The cooperation of Rostec State Corporation with Russian Railways and VEB.RF will allow for the most effective implementation of modern digital solutions in the railway infrastructure. This will become a step in the national digital economy project and solve tasks concerning import substitution. Rostec has already created efficient, reliable, cyber-protected and highly competitive products, which can be adapted for the needs of Russian Railways. Their cost is on average 20-30 per cent lower than foreign counterparts," commented Sergey Sakhnenko, the Industrial Director of Rostec's Radio-Electronic Cluster.

The most promising areas of cooperation cover Russian digital solutions in the fields of automated control systems, IT and telecommunications equipment, robotics and industrial internet control devices with a high level of information security.

"The development and production of high-tech civilian products adapted to meet the needs of customers are some of the most promising directions for Rostec's operation and special attention is paid to them," pointed out Viktor Kladov, the Director for International Cooperation and Regional Policy of Rostec.

"The signed roadmap includes plans to supply systems for organizing railroad signalling, allowing transferring railway traffic control to digital technologies. We are also ready to develop and deliver such solutions to foreign partners from countries with an extensive rail infrastructure - for example, China, India and Latin America", he added.

In February 2019 during the Russian Investment Forum in Sochi, Rostec, Russian Railways and VEB.RF signed a Memorandum of Cooperation in the field of import substitution, innovative development and implementation of digital economy projects. The partners intend to promote the creation and localization of high-tech civilian products in the interests of Russian Railways. The implementation will be based on the available technological reserves of Rostec enterprises, with the possible attraction of VEB.RF financing.

"The implementation of major infrastructure projects, the introduction of advanced Russian technologies and digital solutions and the development of transport accessibility are key priorities of VEB.RF. We are cooperating with Russian Railways and Rostec in several key areas that are now confirmed, in the roadmap, defining more accurate deadlines and responsible executors. It is important that the implementation of each of our common tasks is ultimately aimed at improving the quality of life of our citizens," said Aleksey Ivanchenko, the Deputy Chairman of VEB.RF.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

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