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Ankara-Moscow thaw to affect Turkey economy by mid-2017

22 October 2016 11:28 (UTC+04:00)
Ankara-Moscow thaw to affect Turkey economy by mid-2017

By Trend

Restoration of relations between Ankara and Moscow will have a positive impact on the Turkish economy only by mid-2017, Ilhan Ege, an expert in economic issues, told Trend on October 21.

“Time is needed for economic relations of the two countries to reach the pre-crisis level,” he said.

“Russia is an important market for the export of Turkish fruit,” added the expert. “Tourist flow from Russia to Turkey is expected in the summer of 2017.”

“In mid-term prospects, the Turkish Stream and the Akkuyu Nuclear Power Plant are important projects that will strengthen economic relations between the two countries,” said Ege.

The relations between Moscow and Ankara deteriorated sharply in late 2015 when Turkey shot down a Russian Su-24 bomber with two pilots on board. In June 2016, Turkey’s President Recep Tayyip Erdogan sent a letter of condolences to his Russian counterpart Vladimir Putin over the death of a Su-24 pilot and expressed regret over the incident. After that, the two countries’ relations began to improve.

Regarding the restoration of relations between Turkey and Israel, Ege noted that this will strengthen Turkey's foreign trade.

He also said that Israel, which is an important country for Turkish construction companies, can help the country in the development of such areas as defense industry, agriculture, innovative technologies and software.

Relations between Israel and Turkey deteriorated after the Freedom Flotilla incident in 2010, when a convoy of six ships, including one flying Turkey's flag, tried to approach the Gaza Strip with humanitarian aid and activists on board.

The flotilla was blocked and stormed by Israeli forces, with eight Turkish citizens being killed as a result.

Turkey signed an agreement with Israel on repairing the relations June 28. The Israeli government paid a compensation of $20 million to Turkey for the Freedom Flotilla incident on September 30.

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