The economic cooperation between the Russian Federation and the Republic of Turkey: trade, investment, tourism

Gumbatov Kenan Anver-ogly

Economic and trade relations constitute the driving force behind Turkish-Russian relations. Russia, has been one of the most important trade partners of Turkey. Trade volume between two states has reached 26,309 billion USD in 2019, with Turkey’s 3,854 billion USD worth of exports and 22,454 billion USD imports. Total number of 1972 projects with a total value of over 75,7 billion dollars have been realized so far by the Turkish contractors in Russia, while reciprocal investments have reached 10 billion dollars. Energy constitutes one of the most important elements of relations between Turkey and Russia. With TurkStream and Akkuyu Nuclear Power Plant projects, cooperation in the field of energy is being carried further with Russia, which is among our leading energy suppliers. TurkStream Natural Gas Pipeline has been inaugurated on 8 January 2020. Cooperation in the field of tourism between Turkey and Russia constitutes another important aspect of bilateral relations. With more than 7 million Russian tourists in 2019, a new record was broken. The article examines the transformation of trade and economic cooperation, the dynamics and structure of ties between the Russian Federation and the Republic of Turkey in the trade and economic sphere, construction, energy and the non-profit sector. A high degree of dependence of trade and economic cooperation on global and political aspects, since uncertainty in crisis situations also affects a number of joint strategic projects.

Keywords:trade, economic cooperation, Turkey, gas, investments, companies.