Russia's 2012 arms exports to reach $14b: Putin

MOSCOW - Russian arms exports are expected to reach $14 billion this year, the largest volume ever, President Vladimir Putin said Monday.

Putin, speaking to a military-technical cooperation commission, said the country's military-industrial complex is finishing the year with positive results, with the contracts signed exceeding $15 billion and more orders to come.

"Along with traditional shipments of modern weaponry, we work out the new directions. They are, first of all, the joint military-purposed production and researches," the Kremlin press service quoted Putin as saying.

Putin said military-technical cooperation will help cut expenses, increase the competitive ability of Russia's production and create conditions for entering other countries' markets.

Meanwhile, Russia should restore its position in the global market of modernizing and repairing military equipment, including those made in the former Soviet Union, Putin said.

He called on the military-technical cooperation sector to promote Russian products to new markets worldwide, which he said would be a challenging task.

"To succeed in that competition, we must work pro-actively, to give our producers and designers more opportunities to demonstrate their scientific and technical potential, and promote information on industrial shows about latest Russian achievements," Putin said.