KIEV, Ukraine -- Ukraine's participation in Russia's global satellite navigation  project is in the country's national interest, Ukrainian Deputy Prime Minister  Volodymyr Semynozhenko said on Wednesday.
The GLONASS - the Global Navigation Satellite System - is the Russian equivalent  of the U.S. Global Positioning System, or GPS, and is designed for both military  and civilian use. Both systems allow users to determine their positions to  within a few meters.
"Ukraine needs an alternative - apart from GPS, the  GLONASS system is needed. This fits with the national interests of Ukraine - we  cannot depend on only one system," Semynozhenko said at a news  briefing.
Russia has proposed setting up a joint venture with Ukraine for  the development and implementation of the GLONASS system, Akexander Gurko, the  head of Russian company Information and Navigation Systems that is part of the  GLONASS project, told a Russian-Ukraine economic forum on  Tuesday.
According to Semynozhenko, Russian and Ukrainian partners are in  talks about the joint production of GLONASS satellites and cooperation between  national space agencies in satellite launches.
He added that an earlier  proposal to create a Russian-Ukrainian investment fund to finance large scale  projects difficult for a single country, such as the development of 4G networks  and the manufacturing of innovative medical equipment, is now being discussed at  government level.
 
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