Ukraine, Saudi Arabia may significantly increase trade turnover

2011-10-19 11:16:47

Ukraine and Saudi Arabia can substantially increase bilateral trade. This was announced by First Vice-Prime Minister, Minister of Economic Development and Trade Andriy Kliuyev following the fourth session of the Intergovernmental Ukrainian-Saudi Commission for Trade-Economic and Scientific-Technical Cooperation on Tuesday, a spokesman for the First Deputy Prime Minister, Artem Petrenko, told UKRINFORM.

"There is every reason for a multiple increase in trade between Ukraine and Saudi Arabia," Kliuyev said, adding that, despite the good momentum of bilateral trade, its potential is far from being fully used.

According to Andriy Kliuyev, the strategic questions for both sides are: implementation of joint projects in agriculture, cooperation in construction and industry, outer space exploration, cooperation in the fuel and energy complex, as well as in subsurface geology.

The First Deputy Prime Minister also pointed to good prospects for the development of investment cooperation. According to him, the Ukrainian side proposed for consideration of Saudi Arabian counterparts a list of specific investment projects in industry. Kliuyev also expressed the need for greater cooperation among investment agencies of both countries.