Turkey, Ukraine aim to increase trade volume up to USD 10B from USD 3B a year

Ukrainian News
Canan Kevser
05 February 2021, 17:33
Canan Kevser
05 February 2021, 17:33

The volume of bilateral trade between Ukraine and Turkey for nine months of 2020 amounted to USD 3.7 billion, but the countries seek to increase it to USD 10 billion a year.

Finance Minister of Ukraine Serhiy Marchenko said this in an interview with Turkey’s Anadolu Agency, the press service of the Ukrainian Finance Ministry reported on Wednesday.

He assessed the Turkey-Ukraine relations regarding development, trade and defence.

Ukr-Tr relations has huge potential for dynamic development

"Ukraine and Turkey have covered the path from ordinary relations of neighbouring countries to a strategic partnership. We develop political dialogue, working together in international organizations and on security issues. Our economic interests coincide in the spheres of transport, energy, aircraft construction, mutual tourist flows and cultural and humanitarian exchanges," said Marchenko.

The Minister pronounced that he considered these relations very warm, friendly, with a huge potential for dynamic development.

Turkey invests almost USD 3 billion in Ukraine

"As of today, the volume of Turkish investments in Ukraine exceeds US$500 million. According to expert estimates, their total volume, taking into account the resources raised through banking structures and joint ventures in other countries, reaches US$3 billion. But we want to see our investment cooperation more active. I think its current level is insufficient considering the countries' economic capabilities."

Marchenko noted that Turkey is the world's fourth-largest market for Ukrainian exports and its sixth-largest partner in terms of trade turnover.

"Ukraine actively attracts Turkish investments into the realization of infrastructure projects. I know that the Ministry of Infrastructure offers Turkish companies the opportunity to invest in Ukrainian ports, in particular under concession conditions."

In 2019, bilateral trade reached US$5 billion. It stood at US$3.7 billion in the first nine months of 2020.

The goal is USD 10 billion

According to the Ukrainian Minister, the current level is insufficient considering the economic capability of the countries.

"Our heads of state have repeatedly voiced the ambitious goal of raising the volume of bilateral trade to USD 10 billion. Therefore, there is a huge potential for the growth of the economic partnership. This is confirmed by statistics. The trade turnover in 2019 increased by 22.3% against 2018," he added.

Kyiv interested in Turkey's experience to defeat Russian hybrid war

The senior Ukrainian official asserted Ukraine's interest in strengthening its defence capabilities with the help of Turkey.

"You know that Ukraine is confronting armed aggression from Russia. In order to win this hybrid war, it is important for us to develop our defense-industrial potential through the latest technological developments. We are interested in using the Turkish experience to strengthen Ukraine's defense capabilities."

According to Marchenko Turkey is the undisputed world leader in the pace of development of the defence-industrial industry. 

He noted that in 10 years, Turkey has made an innovative breakthrough and as a result, seven Turkish defence industry companies are in the list of Defense News for defence-global companies.

Regional security is an important aspect of the relations

"In general, our countries have signed about 30 agreements on regional cooperation. Aspects of regional security certainly occupy an important place in relations between Ukraine and Turkey. We are grateful for Turkey’s unchanging position on supporting the sovereignty and territorial integrity of Ukraine, protecting the rights of the Crimean Tatar people."

Serhiy Marchenko asserted that Turkey takes a consistent and constructive position on these issues of principle for Ukraine. He praised the official decision of the Turkish side to join the "Crimean Platform."