Turkey invests almost US$3 bln in Ukraine – Finance Minister Marchenko

Ukrainian Finance Minister Serhiy Marchenko says Turkey's total investments in Ukraine, taking into account the resources raised via banking structures and joint ventures in other countries, is reaching US$3 billion.

"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," he said in an interview with Anadolu Agency, as reported by the ministry's website on February 4.

Read alsoUkraine, Turkey discuss possibility of joint production of space launch vehicles – UruskyTurkey is the world's fourth-largest market for Ukrainian exports and the sixth-largest partner in terms of trade turnover. In 2019, bilateral trade reached US$5 billion. It stood at US$3.7 billion in the first nine months of 2020.

"Our heads of state have repeatedly voiced the ambitious goal of raising the volume of bilateral trade to US$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.

Forecast for 2021

The year 2020, Marchenko said, was a difficult period for the whole world due to the COVID-19 pandemic. But already this year Ukraine expects to boost trade, including by expanding the range of goods and services that will be shipped from Ukraine to Turkey, and vice versa.

Ukraine is also interested in the participation of Turkish capital in the development of its technological potential, in investing in the new generation of industries for which Turkey is famous.

"We are ready for joint aerospace projects. Bilateral communication between representatives of high-tech industries, including in the field of defense and industrial complex of the two countries, gives reason to hope for the creation of successful strategic projects," Marchenko added.

Background

Earlier, Ukrainian Defense Minister Andriy Taran announced the intention of Ukraine and the Republic of Turkey to create a mechanism for targeted consultations between the countries as regards security and defense in the Black Sea region.