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China aviation company signs agreement with Airbus

The China Aviation Industry Corporation I (AVIC I) signed an industrial cooperation agreement with the European aircraft maker Airbus…

The China Aviation Industry Corporation I (AVIC I) signed an industrial cooperation agreement with the European aircraft maker Airbus last Thursday.

AVIC I and Airbus decided to establish a joint R&D center to conduct design work for the Airbus A350 program, according to the agreement signed at the Paris Air Show at Le Bourget in northern Paris. The center will be opened later this year in Beijing.

The two aircraft makers have a cooperation history of more than 20 years, in which AVIC I mainly undertakes sub-contract projects from Airbus.

The European aircraft maker has pledged to raise the value of projects conducted by AVIC I to US$60 million per year by 2007 and US$120 million per year by 2010.

Five Chinese companies are already suppliers of Airbus, namely the Chengdu Aircraft Corporation, Shenyang Aircraft Corporation, Xi`an Aircraft Company, Hong Yuan Aviation Forging and Casting Company and Guizhou Aviation Industrial Group.

The European Aeronautic Defense and Space company (EADS) owns 80 percent of the stake of Airbus, which is based in Toulouse, southern France. British BEA System holds the remaining 20 percent.

Vicky Karantzavelou
Co-Founder & Chief Editor - TravelDailyNews Media Network

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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