UrBC, Yekaterinburg, April 22, 2011. Introducing innovation in the production process is the basis of today’s business practices, the General Director of Sinara Group Mikhail Khodorovsky said at a press conference of Ural State University Higher School of Economics in Yekaterinburg.

‘Modernization is a big thing nowadays; one frequently speaks of importing technologies as one the ways to convert the Russian economy into intensive economic growth mode. It is obvious, however, that technology transfer is a tool for innovations rather than just a proviso of technological catching-up,’ he explained.

‘Let’s take Sinara Group and Siemens joint venture Ural Locomotives as an example. Under our modernization program, we have introduced a completely new fleet of machinery, and as a result, with the import of technologies offered by Siemens we were able to come up with a new product – an innovational electric train. Our plant uses the most advanced machine-building equipment, which allowed us to start making a new generation freight loco proudly named Sinara that is already cruising the Russian railways,’ Khodorovsky noted.