Harvard Case - Turkey and Russia: Dangerous Liaisons
"Turkey and Russia: Dangerous Liaisons" Harvard business case study is written by Rawi Abdelal, Esel Cekin, Eren Kuzucu, Gamze Yucaoglu. It deals with the challenges in the field of Business & Government Relations. The case study is 24 page(s) long and it was first published on : Feb 15, 2017
At Fern Fort University, we recommend a strategic approach for Turkey and Russia that prioritizes economic interdependence while mitigating political risks. This entails fostering strong business and government relations through transparent and ethical partnerships, promoting trade and investment in mutually beneficial sectors, and actively managing political and economic risks through diplomatic channels and risk mitigation strategies.
2. Background
This case study explores the complex relationship between Turkey and Russia, two countries with significant geopolitical and economic influence in their respective regions. The case highlights the intertwined nature of their business and government relations, marked by periods of cooperation and conflict, driven by factors like energy dependence, geopolitical ambitions, and economic interests.
The main protagonists are:
- Turkey: A strategically located country with ambitions to become a regional power, seeking to diversify its economy and reduce dependence on Western powers.
- Russia: A major energy exporter and military power, seeking to expand its influence in the Middle East and Eurasia, while facing Western sanctions.
3. Analysis of the Case Study
This case can be analyzed through the lens of international relations, political economy, and strategic management. Key factors to consider include:
- Geopolitical Dynamics: The historical rivalry and evolving relationship between Turkey and Russia are shaped by factors like NATO membership, the Syrian Civil War, and the Crimean crisis.
- Economic Interdependence: Turkey relies on Russia for energy imports, while Russia sees Turkey as a vital trade partner and a gateway to the Middle East and Europe.
- Political Risks: The unpredictable nature of both governments, potential for political instability, and the possibility of sanctions pose significant risks to businesses operating in both countries.
- Competitive Strategy: Companies need to navigate the complex political landscape and develop strategies that balance economic opportunities with political risks.
- Corporate Social Responsibility: Businesses must consider the ethical implications of their operations and contribute to sustainable development in both countries.
4. Recommendations
Strengthening Business and Government Relations:
- Promote transparent and ethical partnerships: Encourage joint ventures and collaborations between Turkish and Russian businesses, fostering trust and mutual understanding.
- Develop robust communication channels: Establish regular dialogues between government officials and business leaders to address concerns and build consensus.
- Promote regulatory compliance and transparency: Ensure adherence to international standards and best practices in corporate governance and business ethics.
Promoting Trade and Investment:
- Identify and develop mutually beneficial sectors: Focus on areas like energy, tourism, infrastructure, and agriculture, where both countries have complementary strengths.
- Facilitate cross-border investments: Promote policies that encourage foreign direct investment (FDI) and joint ventures, particularly in strategic sectors.
- Support small and medium-sized enterprises (SMEs): Provide targeted support and incentives to help SMEs expand their operations and access new markets.
Managing Political and Economic Risks:
- Develop comprehensive risk mitigation strategies: Conduct thorough political risk analysis, implement contingency plans, and diversify investments to mitigate potential disruptions.
- Engage in active diplomacy: Promote dialogue and cooperation through diplomatic channels to resolve disputes and foster stability.
- Utilize financial instruments: Explore options like hedging and insurance to protect against currency fluctuations and political instability.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Promoting economic interdependence aligns with both countries' economic growth objectives and strengthens their regional influence.
- External Customers and Internal Clients: This approach benefits both Turkish and Russian businesses by creating new opportunities and fostering a more stable economic environment.
- Competitors: By fostering stronger economic ties, Turkey and Russia can better compete with other regional powers and attract more foreign investment.
- Attractiveness: The potential benefits of increased trade and investment are significant, contributing to economic growth, job creation, and improved living standards in both countries.
6. Conclusion
Turkey and Russia have a complex relationship, marked by both opportunities and challenges. By fostering strong business and government relations, promoting trade and investment, and actively managing political and economic risks, both countries can unlock significant economic benefits and build a more stable and prosperous future.
7. Discussion
Alternative approaches include:
- Isolationist Strategy: Focusing on domestic development and minimizing engagement with Russia, potentially leading to missed opportunities and increased geopolitical tensions.
- Unilateral Engagement: Pursuing a more assertive approach with Russia, potentially leading to increased conflict and instability.
Key assumptions include:
- Political Stability: The success of this strategy relies on a degree of political stability in both countries.
- Commitment to Cooperation: Both governments must be committed to fostering a more cooperative relationship.
- Transparency and Ethical Practices: Businesses must operate transparently and adhere to ethical standards to build trust and maintain a positive image.
8. Next Steps
- Establish a High-Level Commission: Create a joint commission with representatives from both governments and businesses to oversee the implementation of these recommendations.
- Develop a Strategic Partnership Framework: Define clear objectives, timelines, and performance indicators for the partnership.
- Promote Public-Private Partnerships: Encourage joint ventures and collaborations between Turkish and Russian businesses, supported by government incentives and regulatory frameworks.
- Implement Risk Mitigation Strategies: Develop comprehensive risk management plans to address potential political and economic disruptions.
- Monitor and Evaluate Progress: Regularly assess the effectiveness of the partnership and make adjustments as needed.
By taking these steps, Turkey and Russia can navigate their complex relationship and build a more prosperous and stable future for their citizens and businesses.
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Case Description
The case opens in November 2015, after the Turkish military's shooting down of a Russian military airplane over the Turkish-Syrian border. The incident threatened to undermine the countries' political and economic ties, and starting from late 2015, the dialogue between Ankara and Moscow was suspended for several months. The case explores the initial steps toward rapprochement in June 2016. The central dilemma is this: whether in light of the existing uncertainties companies operating in both countries can resume their investments and commercial activities, or should decisions be put on hold? What is the best strategy during such turbulent times? Can companies bet that a reunion would last?
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