Ukraine is seeking help from the United Arab Emirates to transform its economy

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Ukraine has invited UAE sovereign funds and institutions to participate in the country’s economic transformation and construction strategy and strengthening trade cooperation between the two countries.

At a meeting to discuss financial and humanitarian support and investments in recovery and bilateral cooperation, Ukraine’s Economy Minister Yulia Svyridenko thanked the UAE for its humanitarian and financial assistance to the Eastern European country.

Abu Dhabi Investment Authority and ADQ – UAE Wealth Funds also held assets in industries such as rail and aviation, port logistics, full-cycle agriculture, medical and pharmaceutical manufacturing, energy and innovative technologies.

Ukraine The UAE presented its economic transformation strategy to the delegation and invited the UAE Fund to participate in the development of the Ukrainian Development Fund, a sovereign wealth fund initiative with advisory support from BlackRock.

The Ukrainian government said it expects active participation from the UAE in its economic transformation strategy.

The UAE has sent more than 230 tonnes of humanitarian aid to Ukraine – medicines, medical equipment, food – and 4 ambulances, according to a statement on Ukraine’s government website. In April, the UAE donated $4m to build 10 orphanages and $4m to build 10 family-type orphanages in Ukraine.

The UAE sent 2,500 generators as part of a $100m humanitarian aid package led by the UAE leadership to help Ukraine overcome its energy crisis.

„Ukraine undoubtedly considers the UAE an important economic partner in the Middle East region and shares a mutual interest in improving the bilateral trade balance by creating the right conditions for trade, business development and investment,” Svyrydenko said.

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Ukraine, United Arab Emirates trade agreement

Meanwhile, the United Arab Emirates and Ukraine have agreed to start negotiations on a bilateral trade agreement, which is expected to be concluded by December 2022 next year. In March, the two sides reviewed recent progress towards signing a Comprehensive Economic Partnership Agreement (CEPA).

The conclusion of the CEPA agreement will complement our economy, and we look forward to working together to enhance trade, digital economy and investment cooperation between our countries. practices of the United Arab Emirates,” said Sviridenko.

The UAE is Ukraine’s second largest GCC trading partner in 2021, and non-oil trade between the two countries is expected to exceed $388m (Dhs1.4bn) in 2022.

Emirates’ investments in Ukraine totaled $100 million as of September 2020, making the UAE the largest Arab investor in Ukraine. Meanwhile, Ukrainian FDI in the UAE reached $84 million by early 2021, mostly in the real estate, retail, manufacturing, transportation, warehousing and technology sectors.

The UAE’s investments in Ukraine span a number of sectors, including manufacturing, transport, storage, gas, retail, real estate and agriculture.

The CEPA agreement will lay the foundation for freeing trade flows between the two countries. The UAE has so far signed five trade agreements with India, Israel, Indonesia, Turkey and Cambodia, and the first two have already entered into force.

The Gulf state is negotiating with strategically important markets regionally and globally to establish similar agreements.

Read: UAE signs bilateral trade deal with Cambodia

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