Paramount Partners With Navantia For New Business Opportunities In Africa

Paramount Partners With Navantia For New Business Opportunities In Africa

South Africa-based global defense and aerospace company, Paramount Group, has agreed to jointly develop naval systems and vessels with Spanish shipbuilder Navantia, IndependentOnline reports.

The partnership is designed to meet the increasing demand of South Africa and other African countries for innovative and value-adding maritime solutions to bolster the security of marine and coastal assets, Paramount said in a prepared statement.

These assets include lakes and rivers, and political and economic assets including oil pipelines, shipping lanes, fisheries, tourist areas and national borders, Paramount said.

Paramount Group Director Eric Ichikowitz signed the agreement with Navantia President José Manuel Revuelta at the Pretoria residence of Spanish Ambassador Juan Sell.

The memo of understanding is a “basis for cooperation on new business opportunities in South Africa and other countries in the region and broader international market,” Revuelta said.

Paramount Group has greatly expanded its naval business, according to DefenceWeb.

The two companies have worked together in the past, collaborating recently on a joint offshore patrol vessel for the South African Navy.

Paramount brings insights in naval security, and a commitment to growing an innovative and competitive shipbuilding industry in South Africa, IOL reports.

Navantia brings to the table experience in the design and construction of naval vessels and systems.

The partnership will enable the companies to bring 21st-century solutions to protect African maritime assets, Ichikowitz said. “We are driven to create and build customised vessel solutions that our clients can afford to own and operate.”

Paramount said Africa’s maritime industries need life-support management, combat systems and platform systems integration, procurement management of materials and equipment, operational maintenance training and transfer of technology.