The trade volume between Ukraine and Turkey reaches a record $8B, and Turkish companies have invested over $300M during the war.

As Burak Pehlivan, chairman of the board of the Turkish-Ukrainian Business Association, stated: “Despite the economy of Ukraine shrinking by 30% due to the war, and its volume of foreign trade decreased by a third, this year we are breaking another export record. Today, Turkey has entered the top three in Ukraine in terms of exports and imports”.

He expressed hope that, after the free trade agreement’s entry into force, trade volume between the two countries will exceed $10B.

“We have Turkish investments that have reached approximately $300M in 22 months since the beginning of the war,” Pehlivan said.

A significant part of these investments is in renewable energy. Turkish companies Güriş, Exim Holding, and Pekintaş Group of Companies operate in Ukraine.

“Also, the Turkish construction company Onur Group, one of the largest foreign investors in Ukraine, invested over $200M in eight different sectors,” he said.