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Germany, Russia sign multibillion-dollar deals

Russian President Dmitry Medvedev, and German Chancellor Angela Merkel speaks to each other during an annual Russia German forum in the Ural Mountains city of Yekaterinburg, about 1500 kilometers (900 miles) east of Moscow, Russia, Thursday, July 15, 2010. German Chancellor Angela Merkel and Russian President Dmitry Medvedev are expected to oversee the signing of an array of deals between German and Russian companies worth billions of dollars.(AP Photo/Alexander Zemlianichenko, pool) by NATALIYA VASILYEVA
YEKATERINBURG, Russia The leaders of Russia and Germany met Thursday for talks and oversaw the signing of nearly a dozen deals between companies from the two countries worth billions of dollars.

In one of them, German engineering company Siemens AG contracted with Russian Railways for 2.2 billion ($2.8 billion) for more than 200 new regional trains for Russia.
Siemens also announced a joint venture with two Russian partners to produce wind turbines for Russia as the country pushes to diversify its energy sector away from oil and gas.
The company also agreed to take part in the Skolkovo complex, a state project to try to build a Russian analog of Silicon Valley in a Moscow suburb.

Siemens earlier sold eight trains to Russian Railways that are now running between Moscow and St. Petersburg in Russia's first high-speed train route. The German company will also supply 54 commuter trains for the Winter Games in the Black Sea resort of Sochi.
Germany is Russia's major trading partner with trade between the two countries topping $15 billion in the first quarter of the year.

Addressing an annual German-Russian forum, President Dmitry Medvedev invited German firms to invest in Russian companies that last month were taken off the list of strategic enterprises and now have no caps on foreign investments and shareholding. They include airports and factories ranging from paper mills to train car makers.

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