Ostexperte.de, translated from German by Tom Winter -
Putin and Erdogan sign a declaration of intent for a $1 Billion investment fund
On March 10, Recep Tayyip Erdoğan and Vladimir Putin signed a Memorandum of Understanding (MoU) for a joint investment fund. This is reported by the economic portal RBC.
On a trip by the Turkish Prime Minister to Moscow, the two countries signed a declaration of intent for an investment fund of $ 1 billion. Turkey and Russia want to participate with 500 million US dollars each.
RDIF and TWF
The agreement has been concluded between the Russian Direct Investment Fund (RDIF) and the Turkiye Wealth Fund (TWF). No details were disclosed on the areas in which the fund will invest, but experts expect it may be the health and tourism sectors
Kirill Dmitriyev, head of the RDIF, said: "A common approach to the investment process will foster the development of economic cooperation and make it more effective. RDIF and TWF are already talking about a number of potential joint investment projects. "
A Moscow-Ankara rapprochement
When the Turkish Air Force shot down an Su-24 in November 2015, the relationship between the two countries deteriorated. Due to Russian travel restrictions, the number of tourists traveling from Russia to Turkey in May 2016 was 91.82 percent lower than in the previous year. After an apology from Erdoğan about the Su 24, the sanctions were finally lifted. Since then, bilateral relations have been resurgent. "We have completed the process of normalization," declared the Turkish government on Friday. "We want to create mutual trust."
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