| Corporate | | | Sistema, ZTE sign MoU | | | TT Correspondent | | 18 Jun 2011 | | |   Sistema, the largest diversified public financial corporation in Russia and the CIS and ZTE Corporation on Friday signed a Memorandum of Understanding, which outlines the principles and strategic direction for future cooperation between the two corporations.
Dmitry Medvedev, the President of the Russian Federation, and Hu Jintao, President of the People’s Republic of China, were both present at the signing ceremony during Mr Jintao’s state visit to Russia.
The Memorandum, which is not legally binding, stipulates that the objective of the strategic cooperation between Sistema and ZTE is jointly to develop and promote the latest innovative technologies in Russia and other CIS countries. It is expected that this long-term objective will require production sites to be established in Russia (Zelenograd) and China (Hangzhou and Shenzhen) by a joint venture between JSC SITRONICS, a subsidiary of Sistema, and ZTE. In addition, Sitronics and ZTE plan to make investments in the joint venture by the end of 2011 in the form of cash, intellectual property or production facilities. |
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