Russian President Vladimir Putin is expected to pay an official visit to Turkey in October, Union of Chambers and Commodity Exchanges of Turkey (TOBB) President Rifat Hisarcıklıoğlu said on Wednesday.

According to reports, Hisacıklıoğlu and a committee consisting of Turkish businessmen met with the First Deputy Minister of of Economic Development in Moscow.

He said that Putin's visit would focus on a number of issues including the Turkish Stream, and restoration of business ties between Turkey and Russia through lifting some restrictions imposed on Turkish businessmen following a jet downing crisis.

The last time Putin visited Turkey was at the G20 Antalya Summit in November 2015.

Press Secretary for the President of Russia Dimitry Peskov also confirmed that Putin may visit Turkey in October.

"We will make the necessary announcement when all preparations are complete" Peskov told reporters in Moscow.Relations between the two countries hit a low in November 2015 after Turkish jets downed a Russian Su-24 bomber near the Syrian border for violating Turkish airspace. Turkey provided radar data that the Russian planes breached the border while Moscow insisted that the warplane had not crossed the border.

In the beginning, Erdoğan and Putin exchanged harsh criticism and ultimatums in the wake of the jet crisis. The Kremlin directed accusations at Ankara and imposed sanctions that continue to deal a heavy blow to Turkey's tourism sector.

Tension between the two countries settled when President Erdoğan expressed regret for the downing of a Russian military jet to Vladimir Putin back in June.