Turkey’s Industry and Technology Minister Mustafa Varank makes a speech as he attends the opening of 19th Mechanical Engineering Metal Works Kazan Fair, held in Kazan, Russia on December 04, 2019.
KAZAN
Turkey and Tatarstan can rapidly expand their bilateral trade volume to $1 billion, the Turkish minister of industry and technology said on Wednesday.
Economic cooperation with Tatarstan, a republic of the Russian Federation, is a significant part of relations between Ankara and Moscow, Mustafa Varank stressed while speaking at a fair organized in the capital Kazan.
Turkey-Tatarstan bilateral trade was $314 million in 2018, down from $920 million in 2012.
Varank asserted that industries in Turkey and Tatarstan complemented each other, and that this situation provided a strong basis for cooperation.
He said that there were significant opportunities for Turkish investors in Tatarstan, where 140 Turkish firms are active.
"These firms' $2.5 billion investments in Tatarstan contributes to the Russian economy," he underlined.
Varank invited Tatarstan's investors to Turkey to invest in several areas, especially in technology.
"We provide incentives to all domestic and foreign companies, which intend to conduct research and development, as well as produce in Turkey," he added.
During the fair, a memorandum of understanding worth $50 million was signed by a Turkish firm for the street lighting system in the Tatar capital.
Varank also visited the Tatarstan Investment Development Agency.
*Writing By Gokhan Ergocun from Istanbul
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