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Russian President Vladimir Putin has signed the law establishing a sixth state corporation, Roscosmos, which is expected to improve the management of space systems and strengthen the country’s security.

“The federal law aims at improving the management of space activities, preservation and development of scientific and industrial potential of the rocket and space industry organizations in order to strengthen the country's defense and security”, the Kremlin said in a statement Monday.

The new corporation will also coordinate activities related to the GLONASS global positioning system, and manage and coordinate operations at the Baikonur and Vostochny cosmodromes.

Roscosmos Corporation will also be in charge of selection and training of astronauts, as well as research and development work on issues related to human spaceflight, the statement added.

The new company is based on the Russian Federal Space Agency and the United Rocket and Space Corporation. It will replace the Russian Federal Space Agency which was established 23 years ago.

Roscosmos will be led by the CEO of United Rocket and Space Corporation Igor Komarov. The Supervisory Board will consist of five representatives of the President, five representatives of the government and the CEO.

The law on its establishment was agreed by Russia’s lower house of parliament, the State Duma, on June 1, according to the Russian President’s press service statement.

Five state corporations have been already operating in Russia, such as the Deposit Insurance Agency, Vnesheconombank, the housing and communal reform plan fund, the Rostec industrial company and Rosatom the state nuclear energy corporation. Another corporation, set up in 2007 for the construction of the Olympic facilities and development of Sochi was closed down after the 2014 Winter Olympic Games. The former Russian Corporation of Nanotechnologies was reorganized into the Rusnano joint-stock company in 2011.

 

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