Turkish-Ukrainian business dialogue: Advancing trade, investment and recovery

The GB4U held an online meeting co-organized by the Türkiye-Ukraine Business Council, operating under the umbrella of the Foreign Economic Relations Board of Türkiye (DEİK), highlighting ongoing bilateral cooperation despite the ongoing war in Ukraine. The event gathered over 200 participants, reflecting the strong interest and enthusiasm from both Turkish and Ukrainian business communities to deepen bilateral cooperation.

Speakers from DEİK, the Turkish Embassy in Kyiv, the EBA, and GB4U emphasized the strong trade and investment ties between the two countries, the strategic importance of Turkish companies operating in Ukraine, and the shared commitment to Ukraine's reconstruction. The discussion previewed key sectors for future collaboration – including construction, energy, and agriculture – and referenced the upcoming Ukraine Recovery Conference in Rome as a major opportunity for international business engagement.

General Trade & Investment

The focus of this panel discussion was the trade and investment opportunities between Türkiye and Ukraine. Sergiy Tsivkach, Senior Advisor of the Albright Stonebridge Group, highlighted that Turkish businesses are actively investing in Ukraine, with over $4 billion invested and 20% of the 1100 foreign companies being Turkish. The free trade agreement is expected to increase trade turnover from $6 billion to $12 billion. Turkish companies are involved in 100 reconstruction projects and are encouraged to explore sectors like mining and energy. İbrahim Aykut Araz, Trade Counselor of the Turkish Embassy in Ukraine, emphasized Türkiye's role as a top trade partner, with a trade volume of $6.2 billion in 2024, and the importance of the upcoming Free Trade Agreement (FTA). Both speakers underscored the incentives and support available for Turkish investors in Ukraine.

Construction & Infrastructure

The panel explored opportunities in Ukraine’s construction and infrastructure sector, underscoring the country’s $524 billion restoration needs, including $281 billion designated for infrastructure. Key sectors include housing, transport, energy, education, and health. Companies like PBF Group and Doğuş İnşaat ve Ticaret A.Ş. are active, despite challenges such as complex bureaucracy and limited funding. The conversation emphasized the importance of financial support, proper project prioritization, and the need for local labour and materials. Turkish contractors, with their extensive experience, are well-positioned to contribute significantly to Ukraine's reconstruction, leveraging models like Engineering, Procurement, Construction, and Financing (EPCF) and Public-Private Partnership (PPP).

Energy & Renewable Resources

The discussion centered on Ukraine’s energy sector, emphasizing both the substantial investments made and the challenges encountered by key players such as DTEK and Eksim Enerji. DTEK, a major investor in Ukraine's energy sector, has invested €650 million in a wind power project 70 km from the front line. Ukraine needs 10 GW of new capacity, with a focus on renewable energy and battery storage. Eksim Enerji plans to invest $40 billion in power generation, aiming to exceed 2.2 GW by 2027. Challenges include financing, VAT exemptions, and logistical issues. Both companies emphasized the importance of international cooperation and government policies to support energy investments in Ukraine.

Agriculture & Food Industry

The panel discussed the resilience and growth of Ukraine's agricultural sector, which contributed 59% to the country's total exports in 2024, reaching $24.5 billion. Key exports include sunflower oil ($5.1 billion), corn ($5 billion), wheat ($3.7 billion), rapeseed ($1.8 billion), and soybean ($1.3 billion). Türkiye, a major importer, benefits from Ukraine's strategic location and production capabilities. The Free Trade Agreement signed in February 2022 aims to enhance trade, with bilateral trade turnover reaching $2.2 billion in the previous year. Despite geopolitical challenges, Türkiye played a crucial role in the Black Sea grain initiative, facilitating the export of 33 million metric tons of grain.

Broader Reflections

The discussions also reflected a shared spirit of resilience and solidarity, highlighting the determination of both countries’ business communities to support Ukraine’s recovery despite the ongoing war. As a co-organizer, DEİK / Türkiye-Ukraine Business Council plays a key role in mobilizing Turkish business representatives and demonstrating Türkiye’s strategic commitment to Ukraine’s reconstruction and long-term partnership.

We extend our sincere thanks to all the distinguished speakers — M. Levent Bilgen, İbrahim Aykut Araz, Ruşen Çetin, Sergiy Tsivkach, Andre Poddubny, Serkan Mısırlıoğlu, Yaryna Skorokhod, Arkın Akbay, Viktor Karbivskyi, Pelin Özer Yağar — for their valuable insights and commitment to strengthening bilateral ties.