Economic Relations Between Ukraine and Turkey

by Roman Cheplyk
Tuesday, December 14, 2021
Economic Relations Between Ukraine and Turkey

Ukrainian-Turkish relations have now reached a new level of diplomatic relations, which have significant potential for development

Turkey is one of the largest investors in Ukraine, and Turkish business is considering investing in renewable energy, pharmaceuticals, and telecommunications industries. For Turkish business, the most interesting are:

  • The Ukrainian agro-industrial sector (processing of agricultural raw materials and food export);
  • IT developments and start-ups;
  • The defense complex;
  • Tourism;
  • The development of logistics infrastructure.

In January-June, Metallurgical enterprises of Turkey increased imports of cast iron from Ukraine by 23.6% compared to the same period last year.

In June, Turkey increased imports of cast iron from Ukraine 5.9 times, compared to June 2020. Ukraine is the leading supplier of cast iron to Turkey: it accounts for 30% of the total share of supplies.

There are around 600 Turkish companies in Ukraine. They mainly operate in clothing retail, telecommunications, aviation, logistics, construction, wood products, and food. 

The Turkish companies Demir Group, Onur Group, and Metal Yapi Konut already operate in the Ukrainian real estate market. These are three potential companies engaged in real estate in the country.

Turkish Airlines is the largest foreign airline in Ukraine. As of August 2019, it operates scheduled services to 315 destinations in Europe, Asia, Africa, and the Americas, making it the largest mainline carrier in the world by a number of passenger destinations.

According to the data of the Turkish Contractors Association, Turkish companies in Ukraine have successfully completed around 200 projects with a total amount of $6 billion. With this number, Turkish companies are the largest foreign contractors in Ukraine in terms of completed work. 

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