On Wednesday, CEO Harry Stonecipher of aerospace conglomerate Boeing signed a memorandum of understanding with Russia's Industry Minister Viktor Khristenko to work in partnership in the development of next-generation 7E7 Dreamliner passenger jets.
Boeing-7E7 Dreamliner (Image - airventure.de)
In the deal, Boeing will be able to draw on Russian design and construction resources in return for a pledge of investing $2.5 billion over the next five years as the country becomes a major participant in the Boeing-7E7 production project. A Moscow design center opened in 1992 by Boeing is expected to expand with new staff from the Russian Academy of Science and at least two Russian aviation institutes. According to CEO Stonecipher, "Russian expertise and quality have delivered tremendous value to our products."
In a separate contract, CEO Stonecipher agreed to terms with Russia's Verkhnyaya Salda Metallurgical Production Association for the supply of titanium details for the Dreamliner.
The $2.5 billion Boeing agreement is only part of soaring foreign investment in Russia. In the first nine months of this year, Russia attracted over $29 billion in financial commitments from foreign countries, about 40% more than the same period in 2003. Continued expansion of the Russian economy due to tax cuts and record prices for oil, coupled with perceived reduced political risk, are considered the impetus behind the increased foreign investment.
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