Turkey, Russia Agree To Establish Joint Investment FundSource: www.export-egypt.com 10/10/2016, Location: Middle East |
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Turkish Minister of Economy Nihat Zeybekci and his Russian counterpart Alexey Ulyukaev, signed an agreement to launch a joint investment fund. The USD one billion fund aims to boost relations in many areas such as tourism, energy, agriculture and transport, Zeybekci told reporters following the signing ceremony.
"We have reached a significant level in a free trade agreement between countries," Turkey's Anadolu Agency (AA) quoted him as saying. On the planned free trade agreement, the minister said: "We have agreed on signing a historic deal with Russia by the end of 2017." On his part, Ulyukaev said: "The investment fund will be instrumental for business. There might be some investment in agricultural industry as well, in producing products with high added value." Diplomatic relations between Turkey and Russia soured following the downing of a Russian warplane that violated Turkish airspace last November, prompting Kremlin to order sanctions on Turkish food products, an end to visa-free travel and a ban on Russian tourists taking package holidays in Turkey. Relations were normalized this June and July through a letter and subsequent telephone calls between the countries' leaders. Since then, increasingly Turkey and Russia relations have become normalized and are expected to get higher. |
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