Since the outset of Russia’s full-scale invasion, the volume of trade between Ukraine and Turkiye has reached the historic high, as Turkish investors continue to implement their projects in Ukraine despite the ongoing war, the head of the board of the Turkish-Ukrainian business association Burak Pehlivan has said.
According to the official, the volume of trade between the two countries in 2023 reached the highest level of $8 billion, which was a historical maximum. This includes $3 billion in exports.
“We have Turkish investments that have reached approximately $300 million. Twenty-two months into the outset of the war. Turkey remain the country that invests the most in Ukraine,” Pehlivan said.
“I hope that when the Free Trade Agreement between Turkiye and Ukraine, signed during the visit of our president to Ukraine on February 3, 2022, three weeks before the war, but the ratification of which was delayed in parliaments due to the war, comes into effect, the volume of trade between the two countries will exceed $10 billion,” Pehlivan said.
According to the head of the business association, the economies of the two countries are not competitive, but complementing each other.
“Although the economy of Ukraine has shrank by 30% due to the war, and the volume of its foreign trade has decreased by a third, this year we are breaking another export record. Today, Turkiye is among the top three leaders in Ukraine both in terms of export and import,” Pehlivan said.
He clarified that a significant part of Turkish business investments in Ukraine was in the field of renewable energy. In particular, Turkish companies Guris, Exim Holding and Pekingtas Energy work in this field.
“Turkish companies, especially those investing in the field of renewable energy, were late to the Ukrainian market. However, this late entry, which was usually a disadvantage, turned into an advantage during the war. Because today 90% of Ukraine’s wind energy capacity and 30% of solar energy capacity are located in the regions occupied by Russia,” Pehlivan said.
The head of the association also recalled that the Turkish construction company Onur Group was one of the largest foreign investors in Ukraine, with about 5,000 employees.
“This is the country’s largest investor in the field of construction. Its current investments exceed $200 million. And these investments are not only in construction, but in a total of eight industries. The group believes so much in the country’s future that investment continues in eight different sectors at the same time,” he said. (Ukrinform/Business World Magazine)
