From 26 to 28 April 2019, the exhibition Turkey Expo Ukraine will take place. It is aimed at intensification of multi-sectoral economic and investment cooperation between Ukraine and Turkey.
Considering the possibilities of a promising partnership, the Dnipropetrovsk Investment Agency (DIA) analyzed the foreign economic relations of Turkey with the Dnipropetrovsk region over the past year. It is also worth noting that Turkey is in the top 3 promising countries for the development of Ukrainian exports, according to the Export Strategy of Ukraine for 2017-2021.
Turkey is an industrial-agrarian country, the basis of whose economy is industry and a constantly growing service sector, although the traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronic industries take a larger share in exports than traditional textile and clothing sector.
Turkey’s gross domestic product (GDP) in 2017 reached $ 851.1 bln. Turkey’s GDP is 1.37% of the world economy.
The share of Dnipropetrovsk region export to Turkey is 22.6% out of the all-Ukrainian, which in monetary terms is $ 532.4 mln.
Turkey is one of the most important trading partners of both Ukraine and Dnipropetrovsk region. Last year, Turkey was fourth in terms of exports from the Dnipropetrovsk region, as evidenced by a positive trade balance of $ 376.7 mln.
From the TOP 5 main products exported from the region, the largest volume take ferrous metals and products from them, fats and oils of animal or vegetable origin. Despite the fact that the dynamics of exports of the above-mentioned products showed a negative value, the fate of the Dnipropetrovsk region in the global exports of these products to Turkey has stable indicators. It should also be noted that Dnipropetrovsk region almost 2.5 times increased the export of seeds and fruits of oil plants to Turkey in 2018.
In turn, Dnipropetrovsk businessmen are interested in such types of Turkish products: Ferrous metals (figure increased by more than 2.5 times compared with 2017), machines, mechanisms, edible fruits and nuts and also plastics, polymeric materials, import dynamics which shows a positive value.
The share of imports of the Dnipropetrovsk region from Turkey is 9% out of the All-Ukrainian, which in cash is $ 155.7 mln. Compared with 2017, this figure increased by 27.3%.
Now the Governments of the two countries are actively working on the provisions of the Agreement on a Free Trade Zone between Ukraine and Turkey, the main purpose of which is to deepen the liberalization of market access for all commodity positions, both industrial and agricultural.