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Fact Sheet-U.S.-Russia Business Summit


Friday, June 25, 2010



U.S-Russia Business Summit

Coinciding with the Obama-Medvedev Summit, chief executive officers of U.S. and Russian companies and business associations met in Washington, D.C., on June 24, 2010, to exchange ideas for expanding economic and commercial relations between the two countries.

Broad Sectoral Interest:
The executives convened at their own initiative to discuss obstacles and possible steps forward to promote growth in U.S.-Russian business relations. Participating CEOs represented a broad range of industries, including information technology, financial services, agriculture, industrial process controls, energy, mining, aerospace and a range of other manufacturing industries.

Presidents, Senior Officials Hear From Industry on Trade, Investment and Innovation:
U.S. and Russian executives gathered at the U.S. Chamber of Commerce to discuss ideas for:

  • increasing trade volumes in both directions between the United States and Russia;
  • facilitating greater bilateral direct investment to promote job growth; and
  • improving the climate for successful innovation and economic diversification for Russian and American companies in one another’s economies.

Presidents Obama and Medvedev joined the CEOs and government officials to hear ideas on improving economic ties and creating the best environment for innovation to flourish, which both Presidents have highlighted as priorities for their nations’ economies. The industry leaders also met with Commerce Secretary Gary Locke, U.S. Trade Representative Ronald Kirk and Russian officials including Minister of Economic Development Elvira Nabiullina. Secretary Locke and Minister Nabiullina co-chair the Business Development and Economic Relations Working Group under the U.S.-Russia Bilateral Presidential Commission created by Presidents Obama and Medvedev in 2009. As Working Group leaders, they pledged to seek ways to implement private sector recommendations where appropriate.

Companies, Institutions Pursue New Cooperation:
On the margins of the Washington Summit, several U.S. and Russian companies and institutions signed business deals or announced new cooperation, including:

  • Boeing and Rostechnologii: Rostechnologii has agreed to purchase 50 Boeing 737 aircraft – potentially supporting 44,000 U.S. jobs. Both companies have also agreed to extend by five years a purchase agreement by which Rostechnologii subsidiary VSMPO-AVISMA supplies titanium to Boeing.
  • Boeing inked a Memorandum of Understanding with the Skolkovo Foundation to help establish a research and development operation at Russia’s Skolkovo innovation center.
  • U.S. engine manufacturer Cummins and Russian truck-builder Kamaz are expanding their cooperation to include the joint production of a lower-emission engine in Russia.
  • The Massachusetts Institute of Technology signed an agreement with the Skolkovo Foundation to assess opportunities for MIT to conduct educational and research activities in Russia in collaboration with its leading universities and research institutes.
  • The United States Export-Import Bank and Russia’s VneshEconomBank signed a Memorandum of Understanding on cooperation to support American exports to Russia.