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Energy minister notes growth of Russia-Turkey trade turnover by 28%

The increase in trade turnover accounts for 28% in the first half of the year

IZMIR, August 18. /TASS/. The trade turnover between Turkey and Russia grew by 28% in the first half of 2017, Russia’s Energy Minister Alexander Novak said speaking at the Izmir International Fair.

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History of Russia and Turkey's ups and downs since 2015

The Russian minister co-chairs the two countries' intergovernmental commission for trade cooperation.

"The increase in trade turnover was 28% in the first half of the year," he said.

According to him, the two countries have prospects for cooperation in all sectors of the economy. In particular he noted prospects in investment sector, which includes creation of a joint investment fund.

Trade prospects

Russia’s accumulated investments in the Turkish economy have totaled about $10 bln, Novak said.

"Today, the total amount of investment projects of [Russian] companies in Turkey is more than $10 billion, a similar amount has been invested by Turkish partners in projects in Russia," he said.

Novak added that now there are good opportunities for investment in industries, agriculture, high technologies.

The minister stressed that the creation of a joint investment fund may also contribute to the cooperation development. The fund will have reserves for more than $1 bln. It will focus on cooperation on infrastructure construction, healthcare and construction of commercial buildings.

Novak noted that Russia and Turkey plan to complete work on an agreement on trade in services and investments before the end of this year.

Izmir International Fair, which is the oldest Turkish tradeshow, opens on Friday. This year, Russia participates in the fair as a partner country. The Russian delegation is headed by Energy Ministry Alexander Novak.

Izmir International Fair, which is the oldest Turkish tradeshow, opens on Friday.

This year, Russia participates in the fair as a partner country. According to Novak, the Russian delegation consists of about 300 participants.

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