MOSCOW, May 21. /ITAR-TASS/. Russian United Aircraft Corporation (UAC) and Chinese Comac corporation are planning to grab up to 10% of the wide-body aircraft market by 2032, UAC President Mikhail Pogosyan told the briefing after the companies had signed a cooperation memo to develop a long-range passenger plane.

“The market prospects for such a plane are bright, indeed,” he said. “We estimate the total market for wide-body aircraft at about 8,000 and think that our niche will be about 600-800 aircraft.” The estimates are based on the market forecast up to 2020.

The joint venture in question was to ensure the plane’s competitive edges but not compete with the existing Boeing-747 and A-350 – the plan was to penetrate the markets of Southeast Asia, Russia and the CIS countries, he added. Other details of the project could not be disclosed for the reasons of confidentiality, Pogosyan said.

When asked about investments, Pogosyan said that announcing the amount would be premature but the costs would be similar to that of the Boeing and Airbus programs.

On May 20, 2014, Pogosyan and Comac’s President Jin Zhuanglong signed a cooperation memo in Shanghai. The next stage is to work out the main aircraft systems, the routes and the optimal participation formats.

The companies will present a feasibility study of the project to the governments of Russia and China in the summer of 2014.