Russia, which this year for the first time joined the annual event’s A-list as an official ‘partner nation’, signed major deals with German engineering giants Siemens and BASF, and signalled its intention to forge closer links with western European companies for technology development projects.
Aerospace, automotive, healthcare and energy were all named by the Russians as priority areas for hi-tech co-operation.
The Russians’ pivotal role at
Siemens will provide technology and infrastructure development services for the project, which will see up to 60 trains running mainly on the Moscow-St Petersburg-Helsinki route. The trains themselves will be built mainly in
The second major contract to emerge from
Putin claimed that the deal underlined
Technology to generate and transport energy was heavily represented among the 150-plus Russian exhibitors at
However, even with the Hanover Fair still underway, news emerged of plans by the Russian authorities to impose a back-tax bill of up to $1bn (£0.5bn) on an oil joint venture partly owned by the
The tax bill, a massive increase on the amount the Russians were previously seeking, was a stark reminder of why many western companies still regard the country as an uncertain place in which to do business.
There are also concerns that Putin’s long-term ambition is to re-nationalise many of the industries placed in private hands by his predecessors following the break- up of the