United Shipbuilding Corporation (USC), the largest shipbuilding corporation in Russia and Eastern Europe, and Andhra Pradesh Economic Development Board have inked a memorandum of understanding to pave way for shipbuilding activity.

State Chief Minister N Chandrababu Naidu has invited USC, its major partners and subsidiaries engaged in civil and defence shipbuilding industry, to India and AP to set up their base.

A number of naval ships and submarines have been supplied to India by USC and its subsidiaries and partners.

The memorandum comes after months of intense discussions and paves way for setting up shipbuilding capabilities in Andhra Pradesh.

The Chief Minister said: “This is a first step towards cooperation with Russian Federation. It will have long-term advances in job creation, technology absorption and skilling in Andhra Pradesh.”

Another memorandum of understanding was inked with the AP Economic Development Board wherein TechnoNICOL, which has over 50 manufacturing plants in Russia and one of Russia’s largest building material companies, proposes to set up manufacturing facilities in Andhra Pradesh.

Andhra Pradesh and Russia also discussed ways to enhance cooperation in a wide range of sectors.

Chandrababu Naidu and the Minister for Trade and Industry, Russian Federation, Denis Manturov, have agreed to strengthen bilateral relationship.

Aerospace and defence manufacturing, automobile and auto components, biotechnology, electronics, energy, mineral-based industries, petroleum and petrochemicals, leather, textile and apparel provide ample opportunities for possible collaboration, he said.

Apart from aerospace and defence, the Chief Minister wanted the Russian investors to set up a steel plant in the Rayalaseema region.

A subsidiary of USC, Sudoexport is studying the inland waterway project and has made exploratory visits to Andhra Pradesh.

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