WORLD
Chinese COMAC and Boeing sign collaboration agreement to partner in advancing commercial aviation industry growth
Baku, March 6 (AZERTAC). Commercial Aircraft Corp. of China (COMAC) and Boeing (NYSE: BA) today announced a collaboration agreement to partner in areas that will enable commercial aviation industry growth in China and potentially around the world. This is the first collaboration agreement between COMAC, which is building the new C919 jet and ARJ21 regional jet, and Boeing, which this year celebrates its 40th anniversary of providing commercial aircraft and services to China`s aviation industry. As part of the agreement, the two companies will create the Boeing-COMAC Aviation Energy Conservation and Emissions Reductions Technology Center in Beijing. Funded by both companies, the Boeing-COMAC Center will support research projects to increase commercial aviation`s fuel efficiency and reduce greenhouse-gas emissions. The aircraft manufacturers also agreed to have annual leadership engagements and exchange commercial aviation market forecasts. A signing ceremony in Beijing was attended by COMAC Chairman Jin Zhuanglong, COMAC President He Dongfeng and Boeing Commercial Airplanes President and CEO Jim Albaugh. "Through this collaboration agreement, Boeing and COMAC will build our relationship and will further sustainable growth and fuel efficiency for China`s fast-growing aviation market," said Albaugh. "Our new Technology Center shows that two companies in a competitive industry can partner to make progress on important challenges that cannot be solved by one company alone. That is good for customers and passengers, and it`s the right thing to do." The Boeing-COMAC Aviation Energy Conservation and Emissions Reductions Technology Center will be located at COMAC`s Beijing Civil Aircraft Technology Research Center. China is one of the world`s fastest-growing aviation markets. The Civil Aviation Administration of China has forecast that passenger traffic in China will surpass 300 million this year and will reach 1.5 billion passengers in 2030. Boeing has estimated that Chinese airlines will need to buy 5,000 new airplanes by 2030 to meet this extraordinary demand. The Commercial Aircraft Corporation of China, Ltd. (COMAC) is a state-owned company, which is formed with the approval of the State Council and jointly invested by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, Shanghai Guosheng (Group) Co., Ltd., Aviation Industry Corporation of China (AVIC), China Aluminum Corporation (CHINALCO), Baosteel Group, and Sinochem Group. With a registered capital of RMB 19 billion. COMAC was held on May 11th, 2008. COMAC is headquartered in Shanghai. Mr Jin Zhuanglong serves as Chairman of the Board, and Mr He Dongfeng as President. Boeing is the world`s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. A top U.S. exporter, the company supports airlines and U.S. and allied government customers in 150 countries. Boeing products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.