In the course of the official visit of President of Ukraine Petro Poroshenko to the Kingdom of Saudi Arabia, the Ukrainian and Saudi parties signed a Memorandum on investment cooperation in the field of agriculture between the Cabinet of Ministers of Ukraine and the Government of the Kingdom of Saudi Arabia.
On behalf of the Government Maksym Martynyuk, First Deputy Minister of Agrarian Policy and Food of Ukraine, inked the said the Memorandum.
An intergovernmental document legislatively determines concrete directions of bilateral investment cooperation in the agricultural sector and mechanisms for leveraging investment in agricultural sector. In particular, the sides will exchange information concerning the investment environment in this field, including agrarian policy, rules and regulations on investment attraction, tax regulation, potential investors and their needs, as well as presence of investment companies that intend to engage in the agricultural sector and ongoing programs of investment support.
«Agriculture is a vital component in trade and economic cooperation between our countries, and the share of agricultural products in the overall structure of Ukrainian exports to Saudi Arabia is the largest one. The signing of the Memorandum offers an opportunity to expand our cooperation in the field of agriculture and switch from the model of direct raw materials supplies by attracting investment in the domestic agro-sector, in particular, in the processing industry. The Government of Ukraine pledges readiness to provide appropriate assistance to Saudi investors», the First Deputy Minister emphasized.