The Aviation Industry Corporation of China (AVIC) and Russian state corporation Rostec signed a strategic cooperation agreement at the Airshow China-2014 exhibition on Tuesday.
The agreement, which was signed by AVIC executive vice president Li Yuhai and Rostec deputy head Nikolai Volobuyev, covers cooperation in manufacturing of aircraft, helicopters, engines, aircraft materials, avionics and radar equipment. The companies are forming a working group to discuss specific projects.
"The development of cooperation with Chinese partners is a strategic area for Rostec in the field of international cooperation. Cooperation with AVIC is particularly valuable for us since it covers key sectors of world industry in which Russia has all competencies. Cooperation with AVIC will make it possible to carry out new projects and increase market share in key segments of world markets for industrial products," Volobuyev said at the signing ceremony.
Possible areas in which the companies might work together include preparation and implementation of joint projects in Russia, China and third countries, as well as provision of additional preferences on warranty servicing and ensuring mutually beneficial conditions for post-warranty service of equipment.
The agreement ushers in a new phase and transition to comprehensive cooperation between the two companies, Rostec said.
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