In next to no time, on July 8-11, the Republic of Turkey will serve as the Partner Country of Tenth Anniversary INNOPROM. The Minister of Industry and Technology Mustafa Varank will lead the Turkish delegation.
At the national exhibit, which will be located in Pavilion 1 and occupy approximately 3,000 sq.m, Turkish companies will showcase their innovative solutions with a special emphasis on mechanical engineering.
The list of exhibitors includes machine-tool plant Durmazlar Makina, Layne Bowler Pompa (industrial axial pumps), Hürmak Plastik Otomotiv Makina (automatic molding machines), Yilmaz Redüktör (gearboxes), Hidromode Hidrolik Makina (hydraulic presses and engines), etc.
Decision to award the status of Tenth INNOPROM Partner Country to the Republic of Turkey was made at the highest level / Photo courtesy of kremlin.ru
INNOPROM Business Program will include business forums on Russia-Turkey cooperation in mechanical engineering, investment, and trade.
The decision on granting Turkey the status of INNOPROM Partner Country was made at the Presidential level in the end of 2018.
"We welcome the Turkish business community's interest in expanding operations in the Russian market. In this context, we have invited Turkey to attend the INNOPROM-2019 International Industrial Trade Fair, which will be held in Ekaterinburg in July, as the Partner Country,"
— Russian President Vladimir Putin stated at a news conference following his talks with the President of Turkey Recep Tayyip Erdoğan.
Memorandum of Understanding about participation in the upcoming trade fair was signed in December of 2018 / Photo courtesy of innoprom.com
Turkey is in sixth place on the list of Russia's Top-10 trade partners. As for Russia, it is Turkey's third largest trade partner. In 2018, bilateral trade turnover constituted $25.5bn with a 16% increase year-over-year. The two countries set a new joint objective of achieving a 4-fold increase in the total trade turnover.
"Our major target is to reach the $100 billion mark. At the moment, we are only at $26bn. Therefore, we will make every effort to attain this goal strategically, economically and trade-wise – in all areas,"
— President of Turkey Recep Tayyip Erdoğan stated at the eighth meeting of the High-Level Russian-Turkish Cooperation Council.
According to statistics provided by the Federal Customs Service of the Russian Federation, in 2018 the volume of Russian exports into Turkey constituted $21.34bn, while imports from Turkey were estimated at $4.21bn.
Mutual capital investment is close to $20bn. For example, Turkish investors poured almost $2bn into the economy of Tatarstan: SEZ Alabuga residents include holdings Hayat and Coşkunöz and Şişecam Group.
In May 2018, Turkish company Coşkunöz and PJSC Magnitogorsk Iron & Steel Works opened a joint venture at the SEZ. The facility manufactures steel blanks for the automotive industry. Gemont Metall is also looking to build a steel rolling mill.
Moreover, Turkish companies are actively involved in Russia's construction projects: their portfolio includes 1,960 completed projects worth $73bn.
Turkish entrepreneurs invest into new projects at SEZ Alabuga / Photo courtesy of alabuga.ru
Russian investment in Turkey (e.g. in petrochemistry and advanced technologies) is estimated at $10bn. The power industry constitutes a key area for cooperation between Russia and Turkey, especially due to the construction of Akkuyu Nuclear Power Plant (so far, the only NPP in the country). Its first unit is scheduled to be launched in 2023 and will coincide with the 100th anniversary of the Republic of Turkey.
Russian companies are working on other energy projects. For example, Power Machines is participating in the modernization of hydroelectric power plants, and United Engine Corporation contributes to ensuring reliable operations of Turkey's gas transportation infrastructure.
First unit of Akkuyu NPP is scheduled to be launched in 2023 / Photo courtesy of akkuyu.ru
Natural gas pipeline TurkStream is expected to be commissioned by the end of 2019. The pipeline, which runs across the Black Sea, will annually supply 31.5bn cubic meters of natural gas. In November of 2018, construction of the gas pipeline's offshore section was completed. Work is now underway on the onshore section.
Last year, Russia sold Turkey 24bn cubic meters of gas, which covers almost 50% of the country's demand.
Laying of the offshore section of TurkStream pipeline was completed in 2018 / Photo courtesy of gazprom.ru
Foreign companies are actively participating in INNOPROM exhibition because they see their participation as an opportunity to access new sales markets and strengthen existing economic relations. INNOPROM-2019 will host 15 national exhibits, double the amount presented at last year's trade fair.
Apart from Turkey, Belarus, China, Czech Republic, Germany, Hungary, Italy, Japan, RSA, Slovakia, and South Korea will participate in INNOPROM with their national stands. Austria, France, Kazakhstan, and Taiwan will organize their national exhibits for the first time. Flagship theme of the upcoming trade fair is Digital Manufacturing: Integrated Solutions. We invite your participation in the exhibition and business program events.
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