Turkey and Russia have recently signed a memorandum through which the two countries will enhance trading and investment relations in the next years. The agreement was signed by the representatives of the Turkish Wealth Fund (TWF) and the Russian Direct Investment Fund (RDIF). Foreign investors interested in starting a business in Turkey can rely on the services offered by our company registration representatives.
The memorandum was signed at the beginning of March with the aim of finding new common investment projects on which Russian and Turkish companies could work on. These projects will help the two countries to boost both their economic relations, and also the investment flow.
The memorandum of understanding provides for one million USD which will be set aside by the Russia – Turkey Investment Fund. Each country will contribute with 500 million USD to the fund. The money will be injected in several projects which have already been established, but new collaborations will be sought in order for the partnership to continue in the future.
The Turkish Wealth Fund is Turkey’s sovereign fund and it is meant to assist companies and foreign investors seeking to invest in this country. Our Turkish company formation agents can offer more information on the legislation related to foreign investments here.
When it comes to Turkey, the memorandum with Russia will imply the involvement of an important number of private companies in the projects to be developed during the next years which will lead to the creation of a total of 2,500 jobs. Out of these, 1,000 jobs will be created in the operation stage of the projects.
Another provision of the memorandum refers to cooperation in third countries, where Turkey and Russian could find joint projects to work on. Most of the investments will center around the construction industry in the beginning.
Foreign investors interested in starting a business in the construction sector can contact our company formation representatives in Turkey. Businessmen can also obtain more information on Turkey’s double tax treaty with Russia from our local agents.