BELGRADE (Serbia), February 18 (SeeNews) - Serbian state-owned company Jugoimport and the Emirates Advanced Research and Technology Holding (EARTH) have signed a deal for the joint development of the Advanced Light Attack System (ALAS), a long-range multipurpose guided missile system, Belgrade-based media reported on Monday.
The project would involve the joint development and production of highly sophisticated missile systems, news agency Tanjug (www.tanjug.rs) reported, quoting Jugoimport SDPR director general Nenad Miloradovic.
What should follow, according to the signed agreement, is the signing of additional contracts for joint production, Miloradovic said.
Serbian defence minister Aleksandar Vucic said over the weekend that the cooperation deal with the United Arab Emirates-based partner should top 200 million euro ($267.8 million) in value and that the first investments are expected over the next few weeks.
Jugoimport SDPR represents Serbia's government and military industry in the import and export of defence equipment and related services.