Turkey, Crimea in Talks on 20 Investment Projects

SIMFEROPOL (Sputnik) — Turkish firms are discussing 20 investment projects in Crimea with authorities of Russia's Black Sea peninsula, the head of the Organized Industry Zone (OIZ) in Kayseri, Turkey said Wednesday.

"There are 20 investment projects we are actively working on right now," OIZ head Tahir Nursacan said at a meeting with Crimean officials in the regional capital Simferopol.

According to Crimean Vice President Ruslan Balbek, the Turkish contracts are worth a total of $500,000 million. Turkish companies from the Kayseri province are interested in expanding Crimea’s telecom networks, building a luxury hotel in Simferopol, as well as creating ferry connections between Crimean and Turkish ports.

Head of the Crimean Republic, Sergei Aksenov, said they planned to strike investment deals in October.

Crimea rejoined Russia after a referendum in March 2014, prompting sanctions from Europe, the United States and several other nations. Western countries severed economic contacts with the region and banned companies based in their territories from doing business in the region.