MOSCOW, July 7 (RIA Novosti) - Russian Prime Minister Vladimir Putin declared on Tuesday his support for the efforts of U.S. aircraft giant Boeing to develop cooperation with Russian partners.

Russian titanium producer VSMPO-Avisma and U.S. Boeing unveiled on Tuesday a components-manufacturing joint venture in the Urals town of Verkhnyaya Salda. Ural Boeing Manufacturing will process titanium parts for the production of Boeing 787 Dreamliners and Russian airliners.

"We understand what kind of situation is developing in global aircraft-making and the degree of competition. We believe that there are a lot of spheres where cooperation will benefit the Russian-U.S. partnership. I know about the efforts Boeing is making for cooperation with Russian partners and we support all these undertakings," Putin said.

Ural Boeing Manufacturing, with total investment of $70 million, is expected to reach its operational capacity in 2010.