The Government of Moldova and the Government of Turkey will sign a new agreement on reciprocal promotion and protection of investments. The Cabinet approved a decision to this effect in its March 23 meeting, IPN reports.

After it is signed, the new agreement will substitute the accord signed in February 1994. Its provisions were adjusted to meet the changes that occurred in the economies of the two countries and to develop the Moldovan-Turkish relations of cooperation.

The agreement will be valid for ten years and will be extended if the sides are willing to.

Trade between Moldova and Turkey amounts to about US$500 million. There are over 1 000 companies with Turkish capital in Moldova. According to Deputy Prime Minister and Minister of Economy Octavian Calmac, the new agreement will stimulate the investments made by Turkey in Moldova.