Putin Orders Creation of $1 Billion Aircraft Plant

[Purveyor]

Feb. 20 (Bloomberg) -- Russian President Vladimir Putin ordered the creation of an aircraft-building complex near Moscow to help revive an industry devastated by the collapse of the Soviet Union in 1991.

An ``industrial cluster'' for designing, building, testing and marketing airplanes will be constructed in Zhukovsky, Putin told aerospace executives today at the site. The cost of the project will exceed $1 billion, according to the Kremlin's Web site.

``If we are talking about the innovative character of Russia's development, we can't do without aviation,'' Putin said. ``It will require a lot of resources, and we can afford it.''

Putin, who steps down in May after eight years in power, is seeking to resurrect an industry that went from making more than 100 commercial planes a year in the Soviet era to fewer than 10 now. A plan presented at Zhukovsky today calls for manufacturing 5,800 aircraft by 2025, including 2,600 commercial planes, while maintaining ``parity'' with the U.S. and Europe in combat jets.

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http://www.bloomberg.com/apps/news?pid=20601085&sid=acGNc7Oi899M&refer=europe

[gateley]

1. Yeah - and HE probably doesn't have to borrow the money. nt