Ukraine requires investments, and Turkish companies can play a role in the reconstruction and recovery process of the country, First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko has said.
Speaking at a roundtable meeting in the capital Ankara on Tuesday at the headquarters of the Union of Chambers and Commodity Exchanges of Türkiye, Svyrydenko said that Türkiye stood by her country in times of need and provided support in many areas, from humanitarian aid to the Grain Corridor.
She said that despite the war, the economic partnership between the two countries remained strong and that grain and iron and steel exports were important for them.
She emphasised the importance of Turkish companies, highlighting that “for example, Bayraktar is a brand known even by our children.”
"Turkish companies are important and strategic partners for us. We hope that you will play a big role in the recovery and reconstruction of Ukraine,” she added.
Noting that production in their country continued despite the war in the last three years, she said that Turkish companies did not leave the country during this period and continued their work.
Svyrydenko said that Ukraine has critical resources such as lithium, titanium, uranium and manganese and that the country wants to invest in the processing of these raw materials.
Defence, agriculture fields
Stating that the defence industry grew sixfold last year, Svyrydenko noted: “ We will fight for the rights of each investor to the end.
"According to the World Bank, there is a loss of $500 billion. Therefore, Ukraine needs huge investments, and Turkish companies have an opportunity in this recovery and reconstruction," she said.
Ukraine aims to benefit from Turkish firms' expertise, engineering knowledge and experience, she added.
Ukrainian Minister of Agrarian Policy and Food Vitaliy Koval said that Turkish and Ukrainian companies are working together in his country and Türkiye is Ukraine's fourth largest trade and agricultural products partner.
Although farmers serve as soldiers, the country continues to produce steadily in the agricultural sector, Koval noted.
“I would like to invite Turkish companies to cooperate. There is definitely a lot we can do,” he said.
"Especially in agriculture, in the processing of agricultural products. We can establish very good partnerships by taking advantage of your market information, access to finance, technologies and experience."
Koval stressed that Ukraine has serious potential to increase vegetable production. Currently, Ukraine's vegetable imports are around $500 million, most of which comes from Türkiye.
"We can also do a lot in the processing of grain, turning it into flour.
"These productions are also increasing. You can support the expansion of this in partnership with Ukraine,” he added.
Türkiye ready to take part in recovery process
Turkish Trade Minister Omer Bolat said the two countries' bilateral trade volume totaled $6.2 billion last year, and the Türkiye-Ukraine Free Trade Agreement (FTA) can increase this amount to $10 billion in a short time.
Economic relations between the countries are increasing day by day, he said , adding that Türkiye has supported and will continue to support Ukraine's territorial integrity, independence and sovereignty on every platform.
Stating that Türkiye connected Ukraine to the world with the Black Sea Grain Initiative signed in 2022, Bolat said: “We continue our work meticulously to minimise the damage to our economic relations from the conditions brought about by the war.”
"Despite the war conditions, we closed the bilateral trade volume between Türkiye and Ukraine with $6.2 billion last year. We hope that the Türkiye-Ukraine Free Trade Agreement signed in February 2022 will enter into force in a short time," he said.
Türkiye has completed its internal approval processes, and with the completion of the internal approval processes of neighboring country Ukraine, the agreement will enter into force, he noted.
He stressed that with the FTA, mutual trade between Türkiye and Ukraine will reach a volume of $10 billion in a very short time.
Referring to the importance of mutual investments between the two countries, Bolat said that “Türkiye has approximately $3.5 billion (worth) of investments in Ukraine, while Ukraine has approximately $16 million (worth) of investments in our country.”
Ukraine's reconstruction
Bolat noted that Turkish contractors assumed a leading role in the construction of Ukraine after the country gained its independence and reported that the sector has carried out 329 projects worth approximately $10 billion so far.
Stating that Turkish companies are ready to provide all kinds of support in the reconstruction of Ukraine's infrastructure and superstructure, he said: “With the experience of our companies, we will do our best for the reconstruction of Ukraine in the post-war period.”
Rifat Hisarciklioglu, president of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), said the Turkish business world wants to contribute to Ukraine's reconstruction process with concrete projects.
He said the cooperation between Türkiye and Ukraine has been developing since Ukraine gained its independence.
Emphasising that there are very good relations between the leaders of the two countries, he said that as the business world, they support the territorial integrity, independence and sovereignty of Ukraine.
