Burak Pehlivan, Chairman of the International Turkish Ukrainian Business Association (TUID).
Ukraine has changed significantly since 2014 as compared with what we have had before. There was a visible boost in integration processes with the EU, West in general and free markets. Today we observe that the manifestations of corruption have decreased in Ukraine, the laws aimed to help foreign investors have been passed, and geopolitical risks have been reduced. These elements let us make decisions on larger and longer-term investment projects. In the 2011 World Bank ranking, Ukraine has ranked 152nd. Today it ranks 64th. The progress is significant. Nowadays, Turkish investors are eager to invest in Ukraine, particularly in real estate. Of course, both by 2008 and by 2014, interest in the real estate market was higher than it actually deserved, so investors did not want to work only in this industry. However, the market is currently in a more or less balanced state, therefore, attracting Turkish developers.
The following Turkish companies are already operating in the Ukrainian real estate market: Demir Group, Onur Group, and Metal Yapi Konut. These are the three main real estate companies in Ukraine.
Onur Group is planning to build a shopping mall and a technopark for IT companies in Lviv. Demir Group has already built a residential quarter and commercial premises in Vinnytsia. Metal Yapi Konut has purchased land plots in Kyiv but the construction works haven’t begun yet.
On the economic relations between Ukraine and Turkey
The most important part of the Turkish-Ukrainian economic relations is the signing of the Free Trade Area (FTA). The negotiations began in 2007. 13 years have passed since then.
During the meeting in Kyiv in February, the Presidents of both countries have negotiated that the agreement is to be signed this year. Even the Economy Ministers of Ukraine and Turkey have signed a memorandum of intent. Issues in the fields of defense, education, culture, and tourism have also been discussed – many treaties concerning different areas of cooperation have been signed. For the first time in ten years, the Turkish-Ukrainian forum was organized involving the participation of presidents R. T. Erdogan and V. Zelensky, as well as many executives of the largest Turkish companies interested in investing and doing business in Ukraine.
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