Monocrystal, a leading supplier of synthetic sapphire and PV metallization pastes to the world market, signed a Memorandum of Cooperation with the Russian state corporation Bank for Development and Foreign Economic Affairs VEB during the St. Petersburg International Economic Forum 2016. The document implies VEB’s investment in the significant expansion of Monocrystal’s production capacity.

“It was extremely challenging to become a global leader in such a highly competitive industry as sapphire components for electronics. We are convinced that our cooperation with VEB and other state business support programs will contribute to our success on global markets and help us enlarge market share”, Monocrystal’s CEO Oleg Kachalov commented.

The Official Internet Resource of the President of Russia Vladimir Putin gave highlights of the results of the Development Award Ceremony, which was held by VEB during the St. Petersburg International Economic Forum 2016. Monocrystal was honored as “The Best Export Project”. For the past 10 years, the Company has invested more than US$220 million in the production capacity and technology development.