Turkey and Tatarstan can rapidly expand their bilateral trade volume to $1 billion, the Turkish minister of industry and technology said on Wednesday.

Economic cooperation with Tatarstan, a republic of the Russian Federation, is a significant part of relations between Ankara and Moscow, Mustafa Varank stressed while speaking at a fair organized in the capital Kazan.

Turkey-Tatarstan bilateral trade was $314 million in 2018, down from $920 million in 2012.

Varank asserted that industries in Turkey and Tatarstan complemented each other, and that this situation provided a strong basis for cooperation.

Read more: Turkey, Tatarstan can reach $1B trade: Turkish minister