To promote investment cooperation between Ukraine and the Kingdom of Saudi Arabia in the field of agriculture, including animal husbandry and fisheries, and to ensure mutual exchange of information on the agro-industrial complex, the Government approved a respective Memorandum between the Cabinet of Ministers of Ukraine and the Government of the KSA, press service of the Ministry of Agrarian Policy reported.
The Memorandum at the legislative level defines specific areas of bilateral investment cooperation in the agricultural sector and mechanisms for encouraging investments in agriculture.
In particular, in accordance with the Memorandum, Ukraine and the KSA will facilitate the exchange of information in the field of investment activities, development of cooperation and implementation of investment projects, organization of investment and exhibition events.
It bears reminding that the Memorandum between the Cabinet of Ministers of Ukraine and the Kingdom of Saudi Arabia on investment cooperation in the field of agriculture was signed during the official visit of President of Ukraine Petro Poroshenko to Riyadh (KSA) in late 2017.
On April 25, 2018 the Government of the KSA approved the Memorandum, which opens up new opportunities for attracting investments to the Ukrainian agrarian sector, supporting them and implementing projects by providing consultations, holding commercial exhibition events, seminars, working meetings and meetings, as well as joint presentations in rural areas economy, livestock and fish resources. Companies and business circles of the Kingdom are encouraged to take advantage of the many services, facilities and benefits that are provided to foreign investors in Ukraine, in particular, the investment environment in the agricultural, livestock and fisheries sectors.
Following the results of 2017, the trade turnover between agricultural products between Ukraine and the KSA amounted to $ 358.9 million (exports from Ukraine - $ 358.8 million, imports from the KSA - $ 94,000). The main goods of Ukrainian exports were:
- cereals ($ 295 million);
- oil ($ 28.5 million);
- meat and offal ($ 12 million);
- by-products and food-industry waste ($ 10 million).
Over 5 months of 2018 the foreign trade turnover of agricultural products between Ukraine and KSA amounted to $76.5 million (exports from Ukraine - $ 76.3 million, imports from the KSA - $ 225 thousand).