Russia's Sistema and China's CPMIEC sign cooperation agreement

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Russia's AFK Sistema and CPMIEC, the Chinese National Precision Machinery Import & Export Corporation, have signed a cooperation agreement, the Russian company said in a press release on Tuesday.
MOSCOW, May 27 (RIA Novosti) - Russia's AFK Sistema and CPMIEC, the Chinese National Precision Machinery Import & Export Corporation, have signed a cooperation agreement, the Russian company said in a press release on Tuesday.

Under the agreement, Sistema Group will sell microelectronic products to CPMIEC, and the two companies will establish a joint design center to develop and produce microelectronic chips. The companies also agreed to promote Glonass and GPS products and assist each other in the creation and operation of trading centers in Russia and China.

Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector and has over 80 million customers. It develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, banking, real estate, retail and media.

The company said in a news release Tuesday that its 2007 revenue increased 33.5% year-on-year to $13.7 billion.

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