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Russia, Turkey agree to speed up joint investment fund establishment — minister

The Russian side identified the partner in this fund - this will be the Russian Direct Investment Fund

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Russian Direct Investment Fund agrees to cooperate with Turkish holding

STRELNA, August 9. /TASS/. Russia and Turkey agreed to speed up establishment of a joint investment fund with participation of the Russian Direct Investment Fund, Russian Minister of Economic Development Alexey Ulyukayev said on Tuesday at the meeting with representatives of business circles of two countries.

"The parties agree to expedite establishment of the joint Russian-Turkish investment fund. The Russian side identified the partner in this fund - this will be the Russian Direct Investment Fund. The Turkish side informed us necessary regulatory decisions will be made this month and its partner will be determined," Ulyukayev said.

It’s highly important that Russian and Turkish investors did not stop their work during the difficult period in bilateral relations, the minister said. Investments from each side are over $10 bln for the time being.

"These are not only energy projects we are working now on; there are projects in gas pipeline transport, nuclear energy, metals, chemistry, agriculture, pharmaceuticals, and so on," Ulyukayev said.

"We expect that in the near future we will be able to restore links connected with trade and participation of Turkish companies in certain types of work on the Russian services market, related to tourist exchange, and transport," Ulyukayev said.

The minister added that Russia and Turkey also expect to finalize resumption of cooperation program until the end of this year.

"In order to solve strategic issues, it was decided to complete as soon as possible forming the medium-term program of trade-economic, scientific, technical and other ties for the period until 2019. With our Turkish partners we are focused to complete work on preparation of the program and bring it to signing before the end of this year," Ulyukayev said.

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