Memorandum on investment cooperation in agroindustrial complex
During the official visit of the President of Ukraine Petro Poroshenko to the Kingdom of Saudi Arabia, the Ukrainian and Saudi sides signed a Memorandum between the Cabinet of Ministers of Ukraine and the Government of the Kingdom of Saudi Arabia on investment cooperation in the field of agriculture.
On behalf of the Government of Ukraine, the Memorandum was signed by First Deputy Minister of Agrarian Policy and Food of Ukraine Maksym Martyniuk.
The intergovernmental document at the legislative level defines specific areas of bilateral investment cooperation in the agricultural sector and mechanisms for encouraging investments in agriculture. In particular, the Parties will exchange information on the investment environment, including agrarian policy, rules and regulations on attracting investment, tax regulation, potential investors, indicating their needs, as well as the availability of investment companies that intend to carry out activities in the field of agriculture and existing programs to support investment.
"Agriculture is a key component of trade and economic cooperation between our countries, and the share of agricultural products in the overall structure of Ukrainian exports to Saudi Arabia is the largest. The signing of the Memorandum is an opportunity to expand our cooperation in the field of agriculture and move away from the model of direct supplies of raw materials, attracting investments in the domestic agricultural sector, particularly in the processing industry. The government of Ukraine is ready to provide appropriate assistance to Saudi investors, " comments Maksym Martyniuk.
Export of agricultural products from Ukraine to KSA is about 80% of the total volume of domestic exports to the Kingdom. For 9 months. 2017 exports of agricultural products amounted to 309.8 million. Mainly exported:
- cereals - $ 254 million;
- oil - $ 25.2 million;
- meat and offal (mainly poultry) - $ 11 million;
- bird eggs - $ 1.6 million;
- oil - $ 1.7 million.
The volume of imports is insignificant.