UAE, Ukraine to boost ties, investments in key sectors

Published: Thu 25 Aug 2016, 8:13 PM

Last updated: Fri 26 Aug 2016, 10:14 PM

Ukraine considers cooperation with the UAE on foreign and economic policies in the Middle East to be one of the country's top strategic priorities, says the country's ambassador to the UAE.
On the occasion of Ukraine's Independence Day, Ambassador Yuriy Polurez said that the bilateral ties between both nations were growing stronger. Last year, the president of Ukraine, Petro Poroshenko, visited the UAE to hold discussions with the UAE leadership on the facilitation of UAE investment in Ukraine, and cooperation in all spheres.
"The scope of cooperation was significantly broadened.Ukrainian companies signed several contracts worth tens of millions of dollars, funding the acceleration of its military's modernisation," he said.
An important agreement on military and technical cooperation was also signed. "And I would like to emphasise, that this year the treaty and legal basis for Ukraine-UAE military cooperation was fully established," the ambassador said.
The priority of bilateral relations at the present time could mean the implementation of joint projects in the spheres of energy, aviation, shipbuilding, metallurgy, industrial and agricultural machinery, chemical and mining industries. Other beneficial fields of cooperation could be science and technology, aerospace, transport infrastructure, agriculture, education, and tourism. "Also this year we are preparing to host the third meeting of the Ukraine-UAE Joint Ministerial Committee for Economic and Trade Cooperation, which will be held in Ukraine in order to discuss practical ways for enhancing bilateral economic relations, increasing the volume of bilateral trade, encouraging joint investment and strengthening cooperation in the fields of energy, mechanical engineering, agriculture, health care, education, sports, tourism and so on," the Ukrainian ambassador said. There are 24 bilateral agreements and memorandums already concluded between the two nations; and another 14 bilateral documents are currently under consideration. Ukraine is also an active participant of various trade shows that take place in the UAE, which helps it to represent the capacities and possibilities of the Ukrainian economy as well as its readiness to develop cooperation with the UAE and other Gulf states, ambassador Polurez said.
In Dubai alone, Ukrainian businessmen are stakeholders of approximately 250 companies. Last year total Ukrainian-Emirati goods and service trade flows were estimated at $654 million.
At the moment, Ukrainian imports include metal, wood (specifically oak), furniture, dairy products, buckwheat, vegetables, and flour. However, there is still a huge potential for Ukrainian businesses to export to the UAE. More than 9,000 Ukrainians currently live in the UAE and the number is growing.

By Haseeb Haider

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