Russia, Germany sign multi-billion-euro deals

09:02, July 16, 2010      

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Russian President Dmitry Medvedev and German Chancellor Angela Merkel Thursday oversaw the signing of multi-billion-euro deals to cement Moscow-Berlin links.

German engineering giant Siemens signed deals worth several billion euros for the supply of trains and wind turbines to Russia as the country embarks on a drive to modernize its outdated economy.

Siemens also agreed to help the Kremlin in its efforts to establish a technology center in Skolkovo just outside Moscow - the country's answer to Silicon Valley - for which the government has earmarked 170 billion rubles ($5.5 billon).

"These truly are serious, big agreements," Medvedev said.

In a joint venture with state conglomerate Russian Technologies and utility company RusHydro, Siemens will also install wind turbines with a total capacity of at least 1,250 megawatts in Russia by 2015.

"The agreement of the strategic partnership will make Siemens a pioneer in the Russian market for renewable energies," the company said.

Russia's VEB development bank and Germany's KfW bank group for their part signed an agreement to support small and medium-sized businesses and innovations.

Medvedev also invited German businesspeople to invest in companies which had until recently been off limits to foreigners.

Source: Global Times


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