Russia gives priority to the development of aerospace industry and will continue to invest in the sector, Prime Minister Vladimir Putin said Tuesday.

"The development of the aircraft industry and space exploration is certainly one of our priorities," Putin said at the opening ceremony of the MAKS-2009 air show in Zhukovsky outside Moscow.

Russia's Prime Minister Vladimir Putin delievers a speech during the opening of the MAKS-2009 international air show in Zhukovsky outside Moscow, August 18, 2009. [Xinhua]

Statistics show state investment in the aircraft industry has grown 20 times in the past five years. The government spent about 80 billion rubles (2.5 billion US dollars) on the industry in 2009.

"We are planning to continue investing heavily in these branches of the economy, to set up competitive enterprises capable of capturing their niches in the market, and to generate resources for the modernization of existing assets," Putin was quoted by the RIA Novosti news agency.

MiG-29 "Strigi" fighter planes fly in formation during the opening of the MAKS-2009 international air show in Zhukovsky outside Moscow, August 18, 2009. [Xinhua]

During the aerospace show, the Russian Defense Ministry and aircraft manufacturer Sukhoi signed a contract, under which the Russian Air Force will buy 48 of the newest Su-35C multi-role super-maneuverable fighters, 12 Su-27CM and four Su-30M2.

The contract "sets a record in modern Russian history," Putin said, adding aircraft deliveries were to be completed by 2015.

Russia's Prime Minister Vladimir Putin gestures as he watches planes performing during the opening of the MAKS-2009 international air show in Zhukovsky outside Moscow, August 18, 2009. [Xinhua]

Around 700 companies, including over 400 Russian firms, are participating in the biennial air show, which concludes Sunday.

MAKS bills itself as "a demonstration of the advantages and development trends of Russian science and industry in such high-tech areas as aviation, space, missile engineering."

Russia will showcase a variety of military and civilian aircraft, including its famed Su-family fighters, the new MiG-35 fighter, the Il-96-400 cargo plane, and the new Superjet 100 mid-haul passenger airliner.

The organizers said more than 500,000 people are expected to visit the air show.

(Xinhua News Agency August 19, 2009)