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The Turkish business community has closely followed the peace negotiations taking place in Istanbul, as positive outcomes from these talks could pave the way toward achieving the long-standing bilateral trade target of $100 billion with Russia within the next two years, according to a senior trade official.
Izzet Ekmekcibasi, who chairs the Türkiye-Russia Business Council at the Foreign Economic Relations Board (DEIK), emphasized that Russia remains a leading player in oil and petrochemical infrastructure, while Turkish companies have continued to expand their presence in Russia’s petrochemical, automotive, and adjacent sectors.
Speaking from the Russia-Islamic World: KazanForum held in Kazan, a key city in the Republic of Tatarstan within the Russian Federation, Ekmekcibasi noted that six Turkish firms had joined the event this year. He expressed hope for broader participation in future editions, but acknowledged that ongoing Western sanctions on Russia have prompted some Turkish companies to adopt a cautious approach toward engagement.
“We hope to attract more participants to such events in the future,” he said, “but some of our Turkish firms are cautious due to sanctions on Russia. Still, we believe the talks in Istanbul will lead Türkiye-Russia relations to improve significantly if the talks bear fruit.”
Ekmekcibasi pointed out that the total trade volume between Türkiye and Russia had reached $53 billion by the end of 2024. Stressing the scale of economic cooperation, he added, “I believe we have the potential to reach $100 billion within two years.”
The Türkiye-Russia Business Council continues to focus on deepening commercial relations by bringing together companies from both countries, aiming to develop new partnerships and business opportunities in high-priority sectors.
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