Saudi Arabia intends to invest $10.5 billion in Ukraine’s agricultural sector, reports the online publication korrespondent.net, February 6, citing Omani newspaper Alwatan (The Homeland).
The announcement was made after a meeting, February 1, in Riyadh, between Ukraine’s Ambassador to the Kingdom of Saudi Arabia, Vadym Vakhrushev, and 25 Saudi businessmen. Meeting participants discussed increased investments between the two countries in agriculture, industry, real estate, and tourism, as well as other opportunities for closer cooperation.
The Kingdom’s plans are tied to the strategic decision reached several years ago to end local cultivation of wheat in Arabia to conserve water resources and to reorient investment in the agricultural sector abroad. The new policy is to be fully implemented in three years.
Saudi businessmen plan to visit Ukraine to assess investment opportunities in the near future and Ukrainian business representatives also are expected to visit Riyadh.
According to Minister of Agrarian Policy Oleksiy Pavlenko, Ukraine’s total exports of agricultural products in 2015 totaled $14.6 billion, representing 38.2% of total exports.