Rostec Corp. of Russia and Belarus' Svetlogorsk Khimvolokno held talks on Tuesday about establishing a joint venture.

State Secretary of the Union State of Russia and Belarus Grigory Rapota made the announcement during his one-day trip to the Gomel region, BelTA reports.

The joint venture would likely focus on the manufacturing of new composite materials to be used in a wide range of industries, including defense.

"It is necessary to analyze the progress in the implementation of the first stage of the program, to study the product we made, to decide whether the qualities of this product are worth the investments," Rapota said, according to BelTA.

Rostec is a Russian state-owned company established in late 2007 to promote the development, production and export of hi-tech industrial products for the civil and defense sectors.

Svetlogorsk Khimvolokno is one of the biggest producers of petrochemicals in Belarus, manufacturing a wide range of textile and technical goods, BelTA reports.