On March 14, in the framework of a working visit to Luxembourg First Deputy Prime Minister/Minister of Economic Development and Trade of Ukraine Stepan Kubiv met with Romain Schneider, Minister of Agriculture, Viticulture and Rural Development, Minister of Social Security of Luxembourg. The conversation revolved around the development of promising areas of cooperation between the two countries, in particular, the agribusiness.
"Luxembourg is one of the promising trade partners of Ukraine. In 2018, trade turnover between countries increased by 28% to $89.58 million. Luxembourg is also among the top 10 European largest investors in Ukraine. Only during the first 10 months of 2018, Luxembourg invested $489.29 million to the Ukrainian economy," Stepan Kubiv stressed.
The Deputy Prime Minister emphasized the importance of concluding the Intergovernmental Agreement on Economic Cooperation designed to develop bilateral cooperation and to implement important strategic projects between the countries.
"This agreement should become an important component for the creation of the Ukraine-Luxembourg Mixed Commission for Trade, Economic and Financial Cooperation within the framework of which issues related to intensification of bilateral cooperation in many directions will be considered," Stepan Kubiv emphasized.
The First Deputy Prime Minister outlined the agrarian sphere as a promising one, where Ukraine is one of the world leaders in the export of agrarian products, and is therefore interested in expanding trade opportunities.
"According to the priorities set by the President Petro Poroshenko, the development of agro-industrial complex is a promising area of bilateral cooperation between Ukraine and Luxembourg. In this context, Ukraine is interested in exporting grain and leguminous crops to Luxembourg, " Stepan Kubiv stated.
Stepan Kubiv added that the agribusiness is currently the most profitable export-oriented sector of the Ukrainian economy, generating up to 16% of Ukraine's GDP and providing 39.8% of the total state exports, and due to systemic reforms the Government creates favorable opportunities for trade and investment.
"In 2018, the grain harvest amounted to 70.1 million tons and that was a record in the history of independence. This allows us to export 47-50 million tons. And Ukraine is ranked 1th in the export of sunflower oil and is among the top 5 world leaders in exports of walnuts, barley, corn and wheat", Stepan Kubiv underscored.