09:36 GMT +311 December 2019
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    Russian PM Approves $15Bln Defense Industry Development Program until 2020

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    Russian Prime Minister Dmitry Medvedev approved the defense industry development program for 2016-2020 worth over 1 trillion rubles (over $15 billion) on Monday.

    GORKY (Russia) (Sputnik) — The program is aimed at improving the competitiveness of the Russian defense industry products, boosting industrial production and promoting Russian military goods to the global markets, he added.

    "I have approved the new edition of the state program dedicated to the development of the defense industry in 2016-2020," Medvedev said.

    Russia is currently implementing a large-scale rearmament program, announced in 2010, to modernize 70 percent of its military hardware by 2020. The total modernization program is estimated to cost about 20 trillion rubles.

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    defense industry, Dmitry Medvedev, Russia
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