OREANDA-NEWS. In the course of the Petersburg International Economic Forum, State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)', the Government of the Rostov region, LLC MTE Group and KOVOSVIT MAS a.s. signed an agreement on cooperation.

Under the agreement, the parties intend to cooperate to implement an investment project "Creating a joint Russian- Czech Machine-Building Facility based on the Complex in the City of Azov, the Rostov region". The production facility's main objective is to ensure complete localization and subsequent manufacturing of high-precision metalworking equipment for various industrial sectors.

The agreement also provides for the parties to cooperate in implementing other investment projectsand conducting transactions aimed at providing enterprises with advanced production equipment and developing new engineering systems.

This agreement's implementation would help to address high-priority tasks of the Rostov region's socio-economic development, enhance its economic and industrial potential and carry out the Government Program "Development of Industry and Boosting it Competitiveness".

LLC MTE Group is a private investment company that was established in 2003. It is responsible for managing assets in such sectors as finances, mechanical engineering and others. MTE Group gives high priority to high growth potential sectors in great need of modernization, development and creating new competences.

Czech company KOVOSVIR MAS, a.s. was set up in 1939 and is one of the largest manufacturers of machining centers in Central and Eastern Europe with strong design and technical base. Production equipment manufactured by the company makes it possible to meet the needs of any metalworking production facility.