OREANDA-NEWS. Participants in the Development of Cooperation Between Russia and Latin American Countries seminar discussed prospects for Rostec operations in the region.

Rostec executives and other Russian hosts discussed these prospects with the leadership of the Latin American Association of Financial Development Institutions (ALIDE), with heads of Latin American banks, financial corporations and investment funds from Ecuador, Argentina, Bolivia, Brazil, Peru and other countries attending in the seminar. Rostec presented a detailed proposal to provide high-tech goods and services to customers in the region, as well as confirming its interest in financing joint projects in the field.

The Rostec Corporation has accumulated its international operating experience by running country and regional offices in more than 50 countries around the world, enabling it to use the most effective tools for developing joint business and making it resistant to external changes.

“Our search for alternative ways of cooperation outside Russia has, among other things, led us to develop the investor - financial institutions - [Rostec] Corporation as supplier formula. This arrangement has become the basis for a large Rostec project in Africa, where the Rostec Corporation participates in mineral resource development,” Rostec Deputy CEO Dmitriy Shugaev said. “Rostec is considering a different arrangement for supplying Russian equipment to Uruguay, in which the proceeds from selling Uruguayan agricultural products are to pay for some of the equipment deliveries. We are also planning to get the joint Russian-Venezuelan Evrofinance-Mosnarbank involved; the bank serves as a channel to finance deliveries of Russian defense manufacturing products to Venezuela, from Russian government loans among other sources.”

Rostec Corporation sees using opportunities for building a stable, reliable platform for cooperation as the most convenient format for doing business, preferable to engaging purely in selling its products and services.

Latin America has appeal not only as a market for selling products, but also as a region to invest in

Denis Manturov, Russian Minister For Industry And Trade

“Latin America is discovering Russian businesses, a region which has appeal not only as a market for selling products, but also as a region to invest in,” Russian Minister for Industry and Trade Denis Manturov said. “In a recent meeting with the Industry Minister of Argentina, we confirmed the interest in joint assembly of KAMAZ trucks in Argentina and deliveries of electric utility equipment there, and we are planning a more hands-on discussion of the possibility of building a transportation hub together with the UAE for the FIHAV international fair in Cuba in early November.”

Overall, a series of inter-governmental commissions that brought together Russian officials and their Latin American countries counterparts have repeatedly emphasized the potential for developing trade and economic cooperation and investment to support deliveries of mobile sea ports, rotary and fixed-wing aircraft, medical and optical equipment, and, the Russian Industry and Trade Minister said in his statement.

“It is a priority for [Vnesheconombank] to work on improving comprehensive support for exports of Russian high-tech goods, work, and services, to finance the upgrades to the Russian economy and implementation of manufacturing innovation,” said Alexandr Ivanov, Deputy Chairman of Vnesheconombank (VEB), an associated member of ALIDE. “We also support the principle of using multiple sources of finance. Using this system can speed up capital movement and offet the negative effects of possible instability in financial flows. This is where Rostec comes in as our reliable partner, by raising investments in manufacture and promotion of goods and services, and also by participating in project finance.”

In their turn, representatives of the Latin American Association of Financial Development Institutions (ALIDE) have confirmed their intention to work out the most convenient format for cooperation with the Russian bank which can be subsequently communicated to the interested members of the business community in Latin America and ALIDE members.

“ALIDE is in the process of looking for specific effective ways and instruments to import innovations from Russia. A seminar of this kind is a good opportunity to strengthen mutual relationships between Russia and Latin American countries in the area of business and technology support and credit lines,” ALIDE President Maria Soledad Barrera said.