Turkish Companies Wait Until Russian Economy Stabilizes

Turkish companies interested in working in the Russian market need to be patient and wait until the Russian economy stabilizes and returns to steady growth, Mehmet Buyukeksi, the chairman of the Turkish Exporters Assembly, told Sputnik on Wednesday.

MOSCOW (Sputnik) — Buyukeksi noted that total Turkish exports to Russia reached $5.9 billion in 2014, three times as much as 10 years ago. However, during the first four months of 2015, Turkish exports to Russia declined by 35 percent compared to the same period in 2014.

"We are confident that in order to secure a long-term position in the Russian market, we need to endure inevitable short stagnation periods and economic slumps… We are sure that sooner or later the Russian economy will stabilize."

Buyukeksi cited a weakened ruble as one of the major factors contributing to this negative trend in exports to Russia.

Despite the Russian economic downturn, Buyukeksi noted that foreign trade between the two countries reached $31.2 billion in 2014, and is expected to rise to $100 billion by 2023.

Moscow and Ankara have been cooperating in a number of areas, including defense, energy, finance and tourism.