ISTANBUL

Murtaza Karanfil, a seasoned Turkish businessman and chairman of Karanfil Group, said that "a new era of investment and development is beginning between Chechnya and Türkiye."

"The steps we are taking today will directly contribute to the economies of both countries," Karanfil said during a visit leading a delegation of the Foreign Economic Relations Board’s Türkiye-Libya Business Council on an official visit to the Chechen Republic, one of Russia's North Caucasus regions, according to a statement released Friday by the Karanfil Group.

An official report prepared as part of the visit also said the visit was the beginning of a permanent, multidimensional economic cooperation process between Türkiye and Chechnya.

The report said implementation of the goals laid out in the protocol would not only promote investment but also regional development.

The report also highlighted that the two sides maintain their determination to act in mutual dialogue and coordination in the future.

Karanfil also said the meetings they held during the visit were productive in terms of establishing strong economic bridges between the two parties.

During the visit, direct business and investment meetings were held with seven Turkish companies operating in the construction, industry, tourism, and road safety sectors, as well as high-level Chechen authorities, including National Policy, Foreign Relations, Press and Information Minister Ahmed Dudayev, and Economic and Territorial Development Minister Rustam Shaptukaev.

The discussions of joint ventures in areas such as the production of concrete, asphalt, and various construction materials and pipe installations constituted the basis of long-term cooperation between the parties.

The parties reached a consensus on projects that will support mutual economic growth.

Contacts result in institutional cooperation

In addition, the delegation examined a new residential area named after Russian President Vladimir Putin.

During technical talks during the field visit, concrete cooperation regarding the construction activities to be carried out by Turkish companies in the region was discussed.

The delegation then held an official meeting with Shaptukaev.

Following the talks, the parties signed an official protocol set to raise the economic relations of the two countries to an institutional level.

Two main goals were agreed upon in the protocol.

First, the parties decided to establish effective cooperation mechanisms between the regional administrative bodies of Türkiye and the executive institutions and business world representatives of Chechnya to implement joint investment programs and projects.

Secondly, they also agreed to open regional representative offices in both Türkiye and Chechnya with a view to ensuring the sustainability of these projects and to accelerate possible joint initiatives.