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Countries & Regions - Commonwealth of Independent States
Commonwealth of Independent States Regional Information
After the dissolution of Soviet Russia, Turkey accelerated its efforts to construct robust trade and economic ties with the Commonwealth of Independent States (CIS). Dominated by the imports from Russian Federation, bilateral trade links hold an integral part of Turkey’s relations with the region. As of 2011, trade volume with the CIS region increased sixfold to $ 50.1 billion from $7.8 billion in 2002.
Led by $ 30 billion bilateral investment volume between Turkey and Russia, bilateral investment relations with the CIS are also on sharp rise. Turkish companies operating in the region focus on construction, textile, ready-to-wear and food and beverage industries while Turkey attracts investment from these countries especially in energy related sectors.
Turkey, Turkmenistan Agree on Trading in Local Currencies
Economy Minister Zafer Çağlayan announced yesterday that Turkey and Turkmenistan had agreed to conduct trade in the Turkish Lira and Turkmen Manat, at the fourth Turkish-Turkmen Economic Commission meeting (HEK) in Ashkgabat, Turkmenistan.
Çağlayan said the use of national currencies would begin once central banks of the two countries made necessary arrangements.
He said last year Turkish construction firms had been awarded $3.2 million in construction contracts in Turkmenistan and Turkmenistan commissioned 90 percent of its contracts to Turkish firms.
The minister said Turkey was pleased with the Turkmen government’s attitude toward Turkish construction companies.
“The volume of investments in Turkmenistan’s construction business will reach $750 million in five years including 2012. Turkish companies will be granted priorities in these projects,” he said.
“We came here with a large team of Turkish businessmen and our aim is to increase investment in the agriculture and animal husbandry sectors, as well as construction,” added Çağlayan.
He also said that Turkey was an important conduit for the transfer of Turkmenistan’s rich energy resources to Europe.
Turkmenistan’s President Gurbanguly Berdimuhamedov will make his first international visit to Turkey on Feb. 29, following the Feb. 12 Turkmen elections.
Source:Hurriyet Daily News
