Turkey's Renaissance Holding and the Russian Direct Investment Fund (RDIF) have agreed to jointly invest $400 million in Russia.
As part of President Recep Tayyip Erdoğan's visit to his Russian counterpart Vladimir Putin in St. Petersburg, Russia, on Tuesday to foster economic and diplomatic relations, the RDIF and Renaissance Holding signed an investment cooperation agreement of $400 million, according to the RDIF's written statement.
The statement also suggests that along with the said agreement between the RDIF and Renaissance Holding, appropriate investments will be targeted in the fields of healthcare, construction, infrastructure and real estate.
Noting that they were pleased with the fact that their cooperation with Renaissance Holding would continue, RDIF Chief Executive Kirill Dmitriev said, "We, as the RDIF, will look for appropriate investments with our Turkish partner, which has important experience in the construction, real estate and healthcare sectors."
Renaissance Holding Chairman Erman Ilıcak said that as a company that was founded in Russia, they have always seen Russia as their most important investment partner. "We are looking forward to increasing investment cooperation between Russia and Turkey by collaborating with the RDIF," Ilıcak said.
With the Russian government's decision on July 22, Russia and Turkey are set to continue cooperating in many fields, including the establishment of a joint investment fund.