Turkish Investment in Russian Economy Amounts to $10Bln

According to Alexander Novak, the investment of Turkish companies in Russia's economy amounts to $10 billion and the same amount was invested in the Turkish economy by Russian businesses.

IZMIR (Sputnik) – The investment of Turkish companies in Russia's economy amounts to $10 billion and the same amount was invested in the Turkish economy by Russian businesses, Russian Energy Minister Alexander Novak said Friday.

"As for today, investment projects of Russian companies in Turkey amount to over $10 billion. The same amount was invested in implementing projects in Russia by Turkish partners," Novak stated at the Izmir International Fair.

According to the Russian energy minister, there are significant opportunities for investment in various areas of the economy, including agriculture and industry.

Novak recalled that the two countries have set a an objective to increase bilateral trade to $100 billion, adding that regulatory framework for economic cooperation has been established.

In March, the Russian Direct Investment Fund and the Turkey Wealth Fund signed a memorandum establishing the Russia-Turkey Investment Fund. Both sides agreed to invest up to $500 million in the fund. The fund will identify attractive investment projects that contribute to enhancing bilateral economic ties and increasing investment flows between Russia and Turkey.

According to the Federal Customs Service of Russia, bilateral trade between Russia and Turkey amounted to $9.3 billion for the period from January to June 2017. The trade turnover between the two states has been gradually falling since 2011 when trade totaled $31.3 billion.