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News

02.11.2012

Russian Federal Space Agency and EXIAR conclude agreement on promoting high-tech civil exports

On 2 November 2012, a Memorandum of Understanding was signed between the Russian Agency for Export Credit and Investment Insurance (EXIAR) and the Russian Federal Space Agency at the Open Innovations Forum. Under the agreement, the two parties will cooperate on promoting exports of civil goods and services offered by companies operating in the Russian aerospace industry.

The document was signed by Head of the Russian Federal Space Agency Vladimir Popovkin, and CEO of EXIAR Peter Fradkov.

The document outlines the development of a system for selecting export projects from organisations operating in the aerospace industry which require insurance support from EXIAR, as well as the joint consideration of these projects.

Vladimir Popovkin, Head of the Russian Federal Space Agency noted how domestic exporters had repeatedly been put at a disadvantage in comparison to foreign competitors until the recent introduction of an export credit insurance mechanism. "We believe that our cooperation with EXIAR will open up new markets for Russian manufacturers of high-tech products", he said.

Peter Fradkov, CEO of EXIAR, underlined the importance the Agency is placing on providing insurance support for Russian aerospace exports. EXIAR's insurance coverage for exports of these products will help promote them on the international market, as well significantly enhance the industry's competitiveness.

The Russian Federal Space Agency is an authorised federal body. Its functions include the implementation of state policy, the creation of a legal and regulatory framework, the provision of services on behalf of the government, and management of government property in the field of aerospace. It is also involved in international collaboration on joint aerospace projects and programmes, overseeing production in the aerospace industry for the military (including missile weaponry), and coordinating work at the Baikonur Cosmodrome.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).