What does the resumption of trade and cooperation in the energy sector for the economies of these two countries?
When in November last year the Turkish air force shot down a Russian military aircraft, business ties between the two countries has declined since Russia has imposed against Turkey trade sanctions.
Now, however, this incident, apparently, completely exhausted: President Recep Tayyip Erdogan (Recep Tayyip Erdogan and Vladimir Putin meet in Saint Petersburg to recover the business relationship. Turkey and Russia are very interested in the resumption of relations as both are faced with the economic downturn and a number of other problems.
In the framework of the resumption of business relations sanctions against tourism, construction and food industries of Turkey will be gradually lifted, Russia will no longer be a ban on the sale of package tours to that country, and two major joint energy projects will be unfrozen.
As for Turkey, the fall in the number of international tourist visits 41 percent — even before the attempted coup — caused significant damage to its tourism industry. In trying to save the weakened economy of Turkey, the government sought to reassure foreign investors of reliability of their investments, has proposed to introduce a bill to create a sovereign wealth Fund and obliged young people to make pension contributions to increase their savings.
Many in Turkey — including the head of Limak Holdings Ebru Ozdemir (Ebru Ozdemir) — look to the future with optimism.
“Last year, Turkey broke its own record for the volume of direct foreign investment — said özdemir. Their volume amounted to $ 16 billion, and this year we want to beat this record — we want to do better.”
According to popular belief, business relations between Turkey and Russia will soon recover, especially in those areas where these countries can derive mutual benefit.
“Turkey needs Russian gas, and Russia needs Turkish goods, the beaches and warm climate,” says buelent Gultekin (Bulent Gultekin, Professor of the University of Pennsylvania. — These countries perfectly complement each other”.
