AgustaWestland, a Finmeccanica company, and Chongqing Helicopter Investment Corporation Limited (CQHIC) have signed a Statement of Intent on Sept 21, 2011 in Beijing to explore potential collaboration in the helicopter field to satisfy the market requirements of China. Both parties plan to set up a joint venture in Liangjiang New Area of Chongqing, and carry out the test-fly of helicopter assembled by this joint venture at end of next year.

AgustaWestland is committed to offering the best commercial rotorcraft solutions to meet the requirements of the rapidly expanding Chinese market and this cooperation further develops its collaboration with preeminent Chinese aerospace industry and new industrial partners. AgustaWestland commercial helicopters' presence in China has been experiencing a quick growing success in recent years for various applications with orders totaling over 40 units so far. Chongqing has solid industry base and it playing a key role for the industrial growth of Centre Western China and is one of the fastest growing provinces in China, which will strengthen the good cooperation relationship between AgustaWestland and CQHIC.

Emilio Dalmasso, senior executive vice president of AgustaWestland said: "AgustaWestland is given the highest priority to the Chinese market and together with CQHIC we will be able to satisfy the helicopter requirements of this increasingly important province. The aeronautic industry is one of the most promising industrial sectors in the province and we are committed to playing a major role through this partnership which, we are confident, we'll be of significant mutual interest."

Xie Huajun, Board Chairman of CQMEG said: "The cooperation between AgustaWestland and CQHIC will inevitably boost AgustaWestland to expand China market, and accelerate the general aviation development of Chongqing. It also will help us to achieve the collective target."

Apart from AgustaWestland's sales in the country, the company has also set an important industrial collaboration with Jiangxi Changhe Aviation Industries Company, an AviChina company, establishing the Change Agusta Helicopter (CAH) joint venture.

The cooperation project between AgustaWestland and CQHIC will be complementary to CAH in product and market. AgustaWestland's presence in the region is expected to grow further due to the expanding market and the multi-role capabilities of its modern range of high performance helicopters.

Backed by Chongqing Municipal GovernmentChongqing Helicopter Investment Company, established in January 2011 and locates in the Liangjiang New Area, has a registered asset of 3.3 billion yuan (4490.71 million), and covers an area of 2000 mu (50 acres). Business scope of the company includes the R&D, manufacturing, selling, maintenance, consulting, training, service-providing and operation of helicopters, other aircraft and their parts. It will strive for the aerospace industry base by standing in Chongqing and scanning whole China.