PSB and Advanced Technologies have agreed to jointly develop the telecom equipment market

PSB and Advanced Technologies will launch joint projects to develop the domestic telecommunications equipment market. The corresponding agreement was signed during the St. Petersburg International Economic Forum (SPIEF).

The parties, in particular, secured the possibility of PSB's participation in the company's authorized capital. This, according to the bank, will allow it to "enter the Russian telecommunications equipment market and jointly with a partner implement technological projects to develop the infrastructure of mobile telephony networks." The cooperation will be aimed, among other things, at the development of Russian 4G/5G stations.

"The PSB supports the development of the domestic industry in all sectors. The production of Russian telecommunications equipment is currently one of the country's high—priority areas, and competent investments in innovative technologies from domestic vendors in the near future will allow Russia to gain full technological sovereignty and successfully compete with foreign suppliers," commented Peter Fradkov, Chairman of the PSB.

Alexey Kalinin, a representative of Advanced Technologies, added that "import substitution in the telecom sector is not just a trend, but a necessity." "Cooperation with PSB will help fill this niche with high-quality solutions. Such joint ventures make it possible to combine the efforts of major players from different fields for more efficient technology development," Kalinin said.