Dünya Executive - - OVERVIEW -

Turkey aims at a $100 billion trade volume with Russia and will set new targets for the near future, Turkey’s president said on Monday. Speaking to reporters during an inter-delegation­ary meeting with his Russian counterpar­t Vladimir Putin at the Kremlin, Recep Tayyip Erdogan said ground was broken for the Akkuyu Nuclear Power Plant in Turkey and an offshore section of the TurkStream pipeline was completed. “As of the end of this year, we aim to complete the inland section of the TurkStream pipeline,” Erdogan said.

This is the third meeting of the two leaders since the beginning of 2019. Erdogan later attended the 8th High-Level Cooperatio­n Council meeting between the two countries. “Turkey aims to provide Turkish firms with opportunit­ies in trade, agricultur­e, and customs that Russia gives to third countries,” Erdogan told a press conference afterwards.

Stressing that meetings of Turkish and Russian businesspe­ople are a priority for both countries, Erdogan said the meeting provided an opportunit­y to hear businesspe­ople’s views and also provided high-level political support.

$3 billion trade volume in agricultur­e

Russian President Vladimir Putin said the volume of bilateral trade shows a positive trend. In agricultur­e alone, the volume of trade in 2018 rose 7 percent to reach $3 billion, said Putin in Moscow. Putin also announced the establishm­ent of a Russian-Turkish investment platform worth $1 billion, with the deal to be signed today between the Russian Direct Investment Fund and Turkiye Wealth Fund, to sponsor promising sectors of the economies of both countries, he said.

“Turkish investors directed the most investment­s, more than $2 billion, to the economy of Tatarstan, primarily to the special economic zone of Alabuga,” Putin said. Large enterprise­s for the production of glass, plastics, and household chemicals have been establishe­d, he said. “Russia and Turkey are working closely in the energy sector. There are flagship projects – TurkStream, Akkuyu – and besides, Russian oil companies Rosneft and Lukoil proved to be durable partners for Turkish business,” he said. Putin said Turkish constructo­rs work actively in Russia, with 2,000 venues worth some $70 billion in their order books.

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