Russia to open export office in Turkey

For a long time, Russia and Turkey have set their sights on $100 billion in trade volume. According to the latest data, the two have reached the $21 billion mark. The Federal Customs Service of Russia announced that the volume of bilateral trade in the January-October period increased by 21.5 percent. Russia’s exports to Turkey increased by 19.8 percent to $17.8 billion while exports from Turkey to Russia increased by 31.5 percent, nearing $3.4 billion.

In 2008, this figure was $38 billion. The anticipation is that the political recovery in both countries will boost their economies so that the record set back then will be broken. On the Moscow front, the Russia Export Center Group (REC) is preparing to open an office in Turkey next year to support companies in trade with Turkey. The plan was announced by REC Director Andrei Slepnev during his visit to Egypt where he said the REC will

open an office as well.

E ght off ces on two cont nents

So, what does this move by Moscow mean for Turkey? State-owned REC has 8 offices on two continents most of which are in communist-era countries like Azerbaijan, China, Iran, Belarus, Kazakhstan, Uzbekistan, Tajikistan and Vietnam. The number of off shore offices is expected to increase with the addition of countries such as Turkey, Egypt and South Africa.

$8.9 b

ll on n a year

Determining the export map of Russia, the REC also enables companies to explore global markets as well as supporting them. Offering not only financial support but also economic expertise, REC also includes The Russian Agency for Export Credit and Investment Insurance and Russian Eximbank. In 2016, REC provided support for over 500 Russian companies with exports totaling $8.9 billion.