OREANDA-NEWS. On March 27, 2007 the Head of SITRONICS Microelectronic Solutions business division and General Director of Mikron Gennady Krasnikov and the Vice President of China National Machinery Import & Export Corp. He Guozhong signed the $75 million contract for supplies of microelectronic products to China for a term of 5 years, reported the press-centre of  SITRONICS. The signing ceremony took place at Chinese National Exhibition opened in Moscow. Russian President Vladimir Putin and the President of the People's Republic of China Hu Jintao attended the Exhibition opening ceremony.

 
The contract between the companies was signed in the framework of the intergovernmental agreement between Russia and China on discharge of the state debt of former USSR to China. According to the contract companies members of SITRONICS Microelectronic Solutions business division will supply their products to China National Machinery Import & Export Corp for repayment of this debt. Russian Ministry of Economic Development and Trade of the Russian Federation will remit funds for accomplished works to JSC SITRONICS on the basis of acceptance report of Chinese Ministry of Commerce. The Head of SITRONICS Microelectronic Solutions business division Gennady Krasnikov said after contract signing, "China is the largest world purchaser of microelectronic products. Enterprises of our business division are supplying electronic components to its market for more than 15 years. China accounted for 40% of all export supplies in 2006. It is logical that exactly SITRONICS became the party to the intergovernmental agreement on repayment of the state debt of former USSR to China.