Trade turnover between Ukraine, Portugal up by $29.2M since early 2024

The relevant statement was made by the Ukrainian Economy Ministry, following a meeting between Ukrainian Deputy Prime Minister, Economy Minister Yuliia Svyrydenko and Portuguese Economy Minister Pedro Reis, an Ukrinform correspondent reports.

The positive trade dynamics has been maintained since 2023, when the trade turnover reached USD 293.7 million (+49.4% compared to 2022). Ukraine’s export of goods towards Portugal rose by 64.6%, totaling USD 223.5 million.

Portuguese businesses are planning to expand their presence on the Ukrainian market in seven key sectors, such as defense, mechanical engineering, light industry, agriculture, pharmaceutics, renewable energy sources, and engineering.

In this context, the Ukrainian side offered Portuguese companies to localize production in Ukraine.

According to the ministry, the Portuguese Promotional Bank will consider project financing under the Ukraine Investment Framework (UIF). For potential investors, the Investment Guide was handed over, containing a description of 95 projects in priority areas, which was presented during the 2024 Ukraine Recovery Conference in Berlin.

Following a long break of more than six years, Kyiv and Lisbon decided to hold the third meeting of the Ukrainian-Portuguese Commission on Economic Cooperation. The meeting was scheduled for November 15, 2024.

“This important decision will allow us to deepen our trade and economic cooperation, as well as to involve Portuguese companies in Ukraine’s recovery projects,” Svyrydenko noted.

A reminder that the Portuguese Trade & Investment Agency (AICEP) will hold a series of trainings for UkraineInvest professionals on how to attract foreign direct investments. The programme will be primarily focused on small and medium-sized businesses.

Photo: Ukrainian Economy Ministry