UAE, Ukraine explore partnership opportunities to boost non-oil trade

By Amirtha P S, Desk Reporter
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The UAE and Ukraine are jointly planning to collaborate in sectors including food and agriculture, infrastructure and heavy industry, aviation, space, information technology and telecoms, as well as military and defense spending, as both countries seek to boost their non-oil trade to more than $806 million.

The sectors were identified following the formation of the first UAE and Ukraine Joint Co-operation Committee, chaired by Mariam Al Mheiri, Minister of State for Food Security, and Andriy Yermak, head of the Ukrainian president’s office.

“Enhancing the UAE’s relationship with Ukraine forms an important part of the UAE government’s foreign policy objectives, with our aim being to increase our non-oil bilateral trade from the existing $806 million in a robust and systematic approach,” said Ms. Al Mheiri.

The meeting came after President Volodymyr Zelensky visited Abu Dhabi earlier this month, which resulted in several business deals between the two countries. About 28 agreements were signed in sectors such as food security, artificial intelligence and tourism.

UAE defense conglomerate Edge signed an agreement with state-owned Ukrainian companies Ukroboronprom and Ukrspecexport which worth over $1 billion. The two countries also have a mutual visa-waiver agreement.

As per reports, trade between the two countries stood at $1.07 billion in 2019, and about 30 deals have been signed. Ukrainian food exports to the UAE have also increased and were valued at $252.2 million in 2019.

The two countries have also made a double taxation treaty and investment protection and promotion agreement. Both Kyiv and Abu Dhabi are expected to develop a detailed plan to continue their work in the highlighted industrial ­sectors.

Last April, the UAE sent a plane with medical supplies to help Kyiv control the COVID-19 pandemic. The emirates have also engaged in building clean energy resources in Kazakhstan, Uzbekistan and Turkmenistan, Ukraine’s neighbors.

Last week, Abu Dhabi’s ­renewable energy company Masdar and Kazakh sovereign wealth fund Samruk-Kazyna had entered into a deal to jointly explore clean energy opportunities.

Masdar, which is increasing its presence in the Commonwealth of Independent States region, is also helping the government of Uzbekistan chart a sustainable recovery after COVID-19 by helping to install about 1 gigawatt of renewable energy capacity.

In November, an ADFD-owned entity, Abu Dhabi Uzbek Investment Company, signed an agreement with DP World to explore investment opportunities in the transport and logistics sector in Uzbekistan.

Also Read: Abu Dhabi Fund unites with Turkmenistan to strengthen economic, development cooperation