OREANDA-NEWS VTB Bank and the Russian Union of Enterprises and Organizations of the Chemical Complex (Russian Union of Chemists) signed a cooperation agreement within the framework of the St. Petersburg International Economic Forum, the bank's press service reports.

The main purpose of the agreement is to promote domestic solutions in chemical projects and their implementation in technological processes at all stages of production. The agreement is also aimed at the development of industry enterprises through the development of joint investment projects, exchange of expertise and information. In particular, one of the planned areas of joint work is to ensure import substitution of catalysts in the production of fertilizers.

"Strengthening the technological independence of the Russian industrial sector is one of the key tasks of our economy, and VTB, as the backbone financial institution of the country, participates in its solution. The objective of the concluded agreement is to bring together Russian scientific discoveries and their practical application, to make domestic innovations part of the production process. Together with the Russian Union of Chemists, we also plan to expand support for projects in the field of small and medium-tonnage chemistry to stimulate growth in this sector of the economy," said Vitaly Sergeychuk, head of VTB's corporate and investment business unit.