For Immediate Release: October 04, 2010
Contact: Mary Trupo (202) 482-3809
Senior Commerce Official Leads Aerospace Business Leaders on Trade Mission to Russia
WASHINGTON – Commerce Deputy Under Secretary for International Trade Michelle O'Neill is leading 10 aerospace companies on a trade mission to Moscow and Ulyanovsk, Russia, October 3-8, 2010. The mission is geared towards selling more American aerospace technology and equipment to Russia—one of the world's fastest-growing aerospace markets.
"The U.S. - Russia bilateral relationship is entering a new phase of business engagement," O'Neill said. "This trade mission will connect American and Russian companies, particularly small and medium-sized enterprises, in a partnership to develop business relationships in a very dynamic aerospace market."
The market for aircraft and parts in Russia is rapidly growing from approximately $4 billion in 2009 and is expected to grow to nearly $6 billion this year creating vast opportunities for U.S. businesses.
The following companies were selected for participation in the trade mission: Argus Limited, Avtech Corporation, Boeing, Cyril Bath Company, GEMCOR, Infinity Air, MAG, Polygon Aerospace, Sikorsky and VISTAGY.
This mission will support the trade promotion efforts under President Obama's National Export Initiative (NEI), which aims to double U.S. exports in the next five years and support several million new jobs.
While in Moscow, Deputy Under Secretary O'Neill also will hold a meeting with her Russian counterpart, Deputy Minister of Economic Development Andrey Slepnev, in her capacity as U.S. Coordinator for the U.S.-Russia Bilateral Presidential Commission's Business Development and Economic Relations Working Group. The Working Group, which is co-chaired by Secretary of Commerce Gary Locke and Russian Minister of Economic Development Elvira Nabiullina, is pursuing expansion of U.S.-Russian trade and investment relations through a range of collaborative activities, including the Aerospace Supplier Development Mission.
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