Putin Vows Heavy Investment in Aerospace

Putin pledges major state investment in Russian aerospace sector
RIA Novosti

The Russian government will heavily invest in the development of the country’s aerospace industry, Prime Minister Vladimir Putin said on Tuesday.

“The development of the aircraft industry and space exploration is certainly one of our priorities,” Putin said at the opening of the MAKS-2009 air show in Zhukovsky, near Moscow.

According to the government, financing of the aircraft industry has increased 20 times in the past five years. Despite the current economic crisis, the government allocated about 80 billion rubles ($2.5 billion) in 2009 for the development of the industry.

“We are planning to continue investing heavily in these branches of the economy, to set up competitive enterprises capable of capturing their niches in the market, and to generate resources for the modernization of existing assets,” the prime minister said.

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