Media ININ Economy We Trust
Kiev 27-08-2019 / WAM /
The Undersecretary of the Ministry of Economy for Foreign Trade Affairs confirmed that the UAE companies today succeeded in penetrating many regional and international markets, consolidating their position and enhancing their competitiveness in many advanced global industries and services such as aviation industry, air transport services, logistics sector, ports and infrastructure, tourism, hotels and entertainment sector. Its excellence in renewable energy, real estate development, telecommunications and information technology, and financial and banking services.
This came during a participation in the opening of new expansions of one of the factories of the innovative industrial group / INDUSTRIAL INNOVATION GROUP / in the Ukrainian capital of Kiev, a joint UAE-Ukrainian investments working in the activities related to secured technological services from the production and printing of high-security smart chips.
He added that developing the capabilities of UAE companies in areas related to smart transformation and advanced technology is a priority during the coming phase in line with the country’s efforts to move towards a diversified sustainable economy based on knowledge and innovation.
Al-Saleh added that the innovative industrial group is one of the distinctive partnership models between the private sector of the two countries and supports their efforts in opening wider horizons for the development of trade and tourism exchanges, and encouraging the business community of both sides to explore partnership opportunities in innovation-based areas that serve the development goals of the two friendly countries.
The opening ceremony was attended by the Ambassador of the State to the Republic of Ukraine and the Republic of Ukraine, the Deputy Minister of Economic Development and Trade of Ukraine, Chairman of the Board of Directors of the Innovative Industrial Group, and selected representatives of government and private sectors of Ukraine.
During the opening, he was briefed on the activities and services of the innovative industrial group headquartered in the UAE, which specializes in developing and achieving technological integration between all components of the production process of secure smart cards and techniques for the production and printing of electronic documents and smart documents and the development of advanced solutions in the field of contactless and non-contact electronic chips and others Intelligent systems, systems and tools – including tax stamps – used in the tax sector, and integrated solutions to prevent forgery and falsification of secured documents, goods and products.
In Kiev, he held a bilateral meeting with the Deputy Minister of Economic Development and Trade of Ukraine and the presence of the Ambassador of the State of Ukraine to the Republic of Ukraine. They discussed ways of developing bilateral cooperation in the economic and trade fields.
He stressed that despite the significant growth in the volume of trade exchanges between the two countries, it is still less than the promising economic capabilities enjoyed by the countries, where total non-oil foreign trade recorded about 785.5 million dollars at the end of 2018, with preliminary estimates to achieve Non-oil trade between the two countries during the first half of 2019 grew by 11.4% to $ 500 million.
He added that there are vital opportunities for cooperation in sectors such as the agricultural sector in light of the quality of Ukrainian crops and agricultural commodities and the possibility of developing partnerships that serve the requirements of food security at the level of the UAE and the region as well as the health care sector which holds promising opportunities between the two sides. Incentives for investors on both sides and the adoption of business incubator model and innovative projects to strengthen the partnership of the two countries in this aspect.
For his part, the distinguished relations with the UAE, which represents the fifth largest trading partner of Ukraine, as well as the efficiency of UAE investments in the Ukrainian market, and its entry into promising development areas.
He pointed out that the agricultural sector is one of the sectors eligible to lead a more active phase of economic and trade cooperation, pointing out that Ukraine has the potential to produce food for at least 350 million people, and therefore there is an opportunity to strengthen joint cooperation in this vital sector.
He pointed out that Ukraine is one of the countries that confirmed its participation in the Expo 2020 events and is keen to achieve a distinguished presence in the international event, which represents opportunities for communication at both the governmental and private sectors.He proposed organizing an economic forum between the two countries during the Expo 2020 events, to review the investment and trade opportunities and incentives on both sides.
He also held a meeting with the President of the Ukrainian Chamber of Commerce and Industry, during which the two sides discussed the importance of strengthening ties between the Chambers of Commerce and Industry of the two sides to develop bilateral relations and explore new aspects of cooperation and open the way for the private sector to strengthen its presence in the markets of the two countries, focusing on opportunities for cooperation in innovative projects and advanced technological services.
The two sides reviewed the economic and investment scene in the markets of the two countries, the competitive advantages and priority sectors on the development agenda of both, and the importance of joint work to diversify the frameworks of economic and trade partnerships to serve common interests and achieve mutual benefit.
Ukraine’s merchandise exports to the country totaled $ 265.4 million in the first half of 2019, growing by 14.3 percent from the same period last year.
Iron products and food commodities top the list of Ukrainian exports to the country, and Ukrainian commodity imports from the country amounted to about $ 38.4 million, a growth rate of 2.6% over the same period.
