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Chairman of Vnesheconombank Elected to Rostec Corporation Strategic Planning Committee

18 may 2017 года
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Chairman of Vnesheconombank Sergey Gorkov has been elected to the Strategic Planning Committee under the auspices of the Rostec Corporation Supervisory Board. Approved by the Supervisory Board of Rostec Corporation, the decision conforms with the Rostec new strategy giving priority to entering non-defense markets of high-technology products, boosting non-resource exports and defense conversion.

The primary focus of the 2017-2021 VEB Strategy is on the industries that are of top priority for the transformation of the Russian economy, i.e. infrastructure, downstream industries, high-technology projects and export development. Rostec and Vnesheconombank’s combined efforts in addressing strategic objectives will bring about a synergistic effect and help develop their competencies and expertise as development institutions.

“Both Rostec and VEB have updated their global strategies only a year apart. The appointment of Sergey Gorkov to the Strategic Planning Committee is designed to enhance the efficiency and facilitate coordination of the state corporations’ operation as development institutions. Our intention to promote cooperation with VEB will soon be substantiated with a number of major joint projects,” stated Sergey Chemezov, CEO of Rostec Corporation.

“In compliance with the approved VEB Strategy 2021, transformation of the Russian economy is one of the prime objectives of the revamped Vnesheconombank. Similarly, Rostec gives priority to diversification and higher efficiency. I believe that our cooperation on the Strategic Planning Committee will ensure greater coordination and produce a synergistic effect when rising to face major challenges and contribute to building a developed industrial economy’, Chairman of Vnesheconombank Sergey Gorkov stressed.

Following its new Strategy, Vnesheconombank intends to repay the funds entrusted to it by the government through a new level of industry-specific expertise and project life-cycle monitoring. Rostec Corporation highly appreciates VEB’s commitment to providing its customers with comprehensive solutions comprising VEB’s financial products, expertise and assistance with co-financing and public support measures.

State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is a national development bank and one of the largest financial institutions in Russia. Established in 1924, Vnesheconombank has been operating in compliance with a special Federal Law on the Bank for Development since 2007. Vnesheconombank’s supreme governing body is the Supervisory Board headed by the Chairman of the Russian Government Dmitry Medvedev. In compliance with the Strategy 2021, VEB will focus on financing high value added industrial projects; infrastructure development, non-resource exports,defense industry conversion to civilian products, innovations and National Technological Initiative projects.

Rostec is a Russian state corporation established in 2007 to facilitate development, manufacturing and export of high-technology civilian and military goods. The Corporation comprises over 700 companies, some of which form 11 military and defense holdings and 3 civilian industry holdings, and more than 80 companies are directly controlled. Rostec’s portfolio includes such famous brands as AVTOVAZ, KAMAZ, Concern Kalashnikov, Russian Helicopters, VSMPO-AVISMA, Uralvagonzavod, etc. Based in 60 constituent entities of the Russian Federation, Rostec companies deliver their goods to more than 70 countries. In 2016, Rostec posted the consolidated proceeds of RUB 1,266 million, consolidated net profit of RUB 88 billion and EBITDA – RUB 268 billion, with the average pay in the Corporation amounting to RUB 44 thousand. According to Rostec’s Strategy, the major objective of the Corporation is to ensure Russia’s technological advantage on highly competitive global markets. Still another priority of Rostec is the introduction of a new technological pattern and digitization of the Russian economy.


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E-mail: press@veb.ru


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