Medvedev, Gul call on firms to intensify ties

President Abdullah Gül has urged businesspeople from both Turkey and Russia to take advantage of agreements signed between the two countries and to further cooperate to achieve $100 billion in trade volume within the next five years, while Russian President Dmitry Medvedev added that numerous new business opportunities were created for investors from both sides thanks to the deals reached during his first official visit to Turkey. The two presidents were speaking late on Wednesday at the Turkey-Russia Business Forum, which was jointly organized by the Foreign Trade Undersecretariat, the Turkish Confederation of Businessmen and Industrialists (TUSKON), the Turkish Union of Chambers and Commodity Exchanges (TOBB) and the Turkish Exporters Assembly (TIM). Medvedev, calling on businessmen to take advantage of the recently signed agreements, stressed that there are great opportunities to cooperate in a variety of sectors, ranging from energy to food and from textiles to electronics. The abolition of visa requirements between the two countries will also benefit the tourism sector significantly, he stated. Acknowledging that some problems still remain preventing further betterment of commercial ties between the two countries, Medvedev cited a customs wall and the lack of a reliable currency to trade in. "Sometimes we encounter problems with the dollar, and sometimes with the euro. That is why we should shift to using our own national currencies. We should find a way to make the most of mutual trade in the ruble or the Turkish lira. We should have common banks. $100 billion in trade volume requires much more serious banking instruments," he said. Gul also said the agreements signed by Turkey and Russia are of great importance for the future of bilateral relations. "The target of $100 billion might seem difficult to achieve, but there are hundreds of Turkish firms currently investing in Russia," he said. Foreign Trade Minister Zafer Caglayan speaking at the event, also emphasized the need to establish a joint bank. Exports to Russia will be carried out more securely with the completion of logistics and the construction of new ports, he said, adding that more support would be extended to businessmen from now on.