Russian military equipment maker Rostec has been shifting its focus to China and other emerging markets from the United States and Europe.
The move comes as Russia continues to struggle under western sanctions over its annexation of Crimea and its involvement in a civil war in Ukraine, according to the Hong Kong Economic Journal.
The sanctions are expected to end in January.
Communications head Vasily Brovko told HKEJ that the company has largely weathered the sanctions by turning to emerging markets.
It has six major projects with Chinese companies, Brovko said.
Among these is the parent of China Shenhua Energy Co. Ltd. (01088.HK) which has tens of billions of dollars’ worth of contracts to develop coal fields and related infrastructure.
ZTE Corp. (00763.HK) is also collaborating with Rostec on smart transportation and urban systems, Brovko said.
“We found it easier to share ideas and research on new technology with Chinese partners than western partners,” he said.
– Contact us at [email protected]