The leader of national exports, Turkey's automotive industry expects its exports to Russia to exceed $500 million in 2019, according to the vice-chairman of the Uludağ Automotive Industry Exporters Association (OİB).
Orhan Sabuncu's remarks came after the MIMS Automechanika Moscow Fair, the leading exhibition of automotive spare parts, automotive components, equipment and vehicle maintenance products in Russia and Eastern Europe.
OİB, the only representative of the Turkish automotive industry in exports, led the national participation organization consisting of 52 Turkish companies in the fair held from Aug. 26-29 in order to develop cooperation opportunities with Russia, one of Turkey's most important trade partners, and to accelerate exports.
According to a statement by the association yesterday, the companies had the chance to introduce their products and services including automotive sub-industry products, commercial vehicles, interior design, security equipment, engine parts and pieces, sound systems and telecommunication.
In addition, Turkish automotive companies attending the fair within the scope of the International Moscow Automotive Forum events (IMAF), which took place simultaneously with the fair, held bilateral business meetings. They met with both Russian buyers and sector representatives from all over the world to build new commercial connections.
In his speech at the panel, "The Future of the Russian Automotive Industry," Sabuncu said they aim to reach a record number of participants next year. According to Sabuncu, as a result of the development of economic relations between Russia and Turkey, there has been an increase in mutual trade between the two countries.
The trade volume between the two countries was $25.7 billion in 2018. Turkey's exports to Russia amounted to some $3.4 billion, while its imports stood at $22.3 billion. The two countries are now exploring ways to increase their trade volume as they have set their eyes on the bilateral trade target of $100 billion, set by their leaders, Recep Tayyip Erdoğan and Vladimir Putin.
Pointing out that the automotive industry is one of the critical sectors for both Russia and Turkey, Sabuncu continued, "Therefore, there are many potential areas of mutual cooperation with Russia, and we are working hard to build and develop this cooperation. Our country's automotive exports to Russia, which in recent years reached $1.2 billion and then saw a period of decline, have been on the rise again in the last two years. We expect our automotive exports to Russia to exceed $500 million in 2019."