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The two leaders also presided over a meeting of the bilateral High-Level Cooperation Council in St. Petersburg.
“I place great importance on today’s talks, during which we will discuss current bilateral and international issues. I think that there are steps we can take and projects that we should undertake together,” Erdogan told Putin.
Russia and Turkey also signed a slew of agreements on electricity, power plant engineering, customs, and cooperation between the two countries’ information agencies.
Russia is Turkey’s second biggest export market after Germany.
Russian capital investments in the Turkish economy exceed $1.57 billion, and Turkish capital investments in Russia are about $740 billion.
Moscow and Ankara are increasing energy cooperation with Russia exporting 27 billion cubic metres of natural gas in 2012 through the Blue Stream pipeline, which passes across the bottom of the Black Sea.
“In 2014, we plan to start building the maritime section of the South Stream pipeline in Turkey’s exclusive economic zone,” Putin announced.
Russia’s state-owned nuclear company Rosatom is building Turkey’s first nuclear power plant, Akkuyu, with a capital investment of $20 billion.
Putin also indicated that the two sides would step up military technology cooperation.
Turkey has no long-range missile defence system of its own despite having the second-largest deployable military force in the NATO alliance.
In September, Turkey had announced its decision to buy a $3.4 billion missile defense system from a Chinese company, a decision heavily criticized by the NATO and US officials.
US officials have said the deal would reduce Turkey’s ability to coordinate missile defense activities with NATO and the US.
The Asian nation is now Turkey’s third biggest trading partner after Russia and Germany.
The BRICS Post