Turkish-Ukrainian Business Relations
Turkey opened more new business ventures in Ukraine last year than any other country, including the U.S. and China. Despite the ongoing war, Turkish-Ukrainian economic and trade relations remain viable, dynamic, and progressive.
Key Points
- Turkey has the second largest standing army in NATO and is willing to contribute troops to a possible multinational peacekeeping force in Ukraine
- Turkey achieved its first trade surplus with Ukraine in 34 years in 2024
- Turkey helped broker the Black Sea Grain Initiative in 2022
Pros
- Turkish companies accounted for the largest number of foreign companies opened in Ukraine last year
- Turkish investments in Ukraine are approaching $5 billion
- Trade volume between Turkey and Ukraine reached $6.2 billion in 2024
Cons
- Ukraine has been slow to ratify the free trade agreement with Turkey due to distractions of the Russian invasion
- Negotiations for the free trade agreement were delayed for 15 years due to sticking points around metal and grain exports