Relations Between Turkey and Russia

The high level of economic relations between Turkey and Russia has become the most important component of our bilateral multidimensional relations.

Trade volume between our countries exceeded 25.2 billion Dollars, as of the first 11 month of 2007, making Russia, Turkey’s second trading partner after Germany.

Russia is now the main import source for the Turkish economy. Imports from Russia account for about 13% of overall imports.

Turkey’s share in Russia’s foreign trade also reached significant levels. As of 2007, Turkey, with a share of about 5%, is Russia’s 4th export country. Russia’s imports from Turkey are also increasing and reached 4,3 billion Dollars in the first 11 month of 2007.

The total value of projects undertaken by Turkish contractors in Russia surpassed 26 billion Dollars, making Russia by far the most important market for Turkish construction services. As for Turkish direct investments in Russia, they are estimated to have reached 5,6 billion Dollars.

At the same time, there is a growing interest by the Russian firms, especially in the telecommunications, energy and tourism sectors, in investment in Turkey.

Tourism is yet another economic area where our bilateral relations have grown at a very rapid pace. Where in 1999 the number of Russian tourists visiting our country was bellow 500 thousand, this figure reached 2,4 billion in 2007. Turkey has become the most preferred holiday destination for Russians. The number of Turkish tourist visiting Russia is also rapidly growing and reached about 200 thousand.

http://www.mfa.gov.tr