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Russia, Germany Sign Multibillion-Dollar Deals

Russian President Dmitri Medvedev and German Chancellor Angela Merkel met Thursday in Russia, where they oversaw the signing of billions of dollars worth of business deals between the two countries.

The two leaders held their talks in Russia's Ural mountain city of Yekaterinburg.

In one of the deals, German engineering company Siemens will provide wind turbines and more than 200 regional trains for Russia as the country pushes to modernize its economy. The railway deal alone is said to be worth $2.8 billion.

Siemens also agreed to help Russia establish a high-technology center in Skolkovo, outside Moscow, that would be similar to Silicon Valley, a region in the western U.S. state of California that is home to many high-tech companies.

President Medvedev has encouraged German businesses to invest in Russian companies that had until recently been off-limits to foreigners. Germany is Russia's main economic partner, and the two countries enjoy close diplomatic relations.

Some information for this report was provided by AP and AFP.