China and Russia Join Hands for Technological and Industrial Cooperation
Published By : 10 Aug 2015 | Published By : QYRESEARCH
Rostec, the Russian state conglomerate is aiming to build relationships with China on the grounds of technological and industrial cooperation. According to a company executive, the step is to diversify the presently resource-based trade ties between the two nations. It is interesting to note that China is currently sceptical to adopt any foreign technology, especially technology developed in the U.S. The country is stressing on developing domestic technology to be implemented across various industrial sectors. Technological and industrial cooperation with Russia will help China during this phase.
According to Viktor Kladov, the head of Rostec’s international cooperation department, both China and Russia have witnessed rapid development in economic, industrial, and technological cooperation. Earlier this year, Beijing and Moscow signed a joint statement on combining China’s Silk Road Economic Belt plan with Russia’s initiative to establish Eurasian Economic Union. This has paved way for the Chinese and Russian companies to cooperate in trade and economy.
According to the reports, the summits of the BRICS nations and the Shanghai Coooperation Organization witnessed the heads of state in both organizations unveiling “Vision 2025” to initiate talks on technology and energy cooperation. Kladov stated that raw materials constitute a larger part of Russia’s exports to China. Merely 2% are Russia-made tech and machinery products. He further added that Rostec can change this trade tie between the two nations that is based majorly on resources.
Kladov revealed that Rostec’s defence vertical Rosoboronexport, has already worked with China for more than ten years and has supplied military systems, aircraft, and weaponry. Further, Rostoc has worked with many Chinese organizations, especially in chemical sector. It has also built equipment used in natural gas pipelines that are being built between the two nations.
Rostoc has signed five agreements with China’s state owned enterprises such as China Electronics Technology Group, China Aerospace Science and Industry Corp., China Poly Group, China Aerospace Science and Technology Corp., and CATIC International Holdings.