Ahmed Albaijan, director of BMCO, left, with Ukraine Ambassador Vadim Vakhrushev at the press briefing in Riyadh.

The first meeting of the Saudi-Ukrainian businessmen will be held in Riyadh on Feb.1.

Describing the meeting as a private sector initiative, Ukrainian Ambassador Vadim Vakhrushev told a press conference here on Tuesday that the businessmen dialogue will aim to introduce the most important investment areas in Ukraine.

He said he had invited the most prominent Saudi businessmen to attend the first bilateral businessmen’s meeting to apprise them with the opportunities available in Ukraine, especially in the agriculture field in general, and the industrial, real estate and tourism sectors in particular, especially after the Saudi authorities lifted the embargo on poultry imports from Ukraine.

The envoy said the main objective of businessmen’s meeting is to find the appropriate environment for successful negotiations through direct contacts between the businessmen of the two countries.

Vakhrushev revealed that the commercial and political relations between Saudi Arabia and Ukraine are good and growing continuously.

The bilateral trade volume has exceeded $1.2 billion during the past two years.

“The volume of trade, certainly, will increase, especially that the volume of exports from Ukraine to Saudi Arabia exceeded $ 800 million. These exports are related to the agricultural area, including cereals, oils and other exports. Furthermore, Ukraine exports 40 to 70 percent of iron to Saudi Arabia. I expect a rise of Saudi investments in Ukraine exceeding 30 percent this year,” the envoy added.

Vakhrushev said that his country is optimistic that in 2016 the commercial and economic relations between the two countries will be solid and strong. During the current year, broad partnerships with huge investments will be established, especially as agreements exist to protect and encourage investments between the two countries, he said.

He pointed out that changing laws related to trade and investment in Ukraine will increase the Saudi turnout to invest there in various fields, including agricultural, industrial, real estate and tourism, as those laws are becoming more flexible, transparent and clear.

“They aim to promote the economy of Ukraine under the umbrella of its new young government that is keen to attract investments into the country.”

Istiqtab Investment International Company GM Ahmed Hassan Al-Baijan said the objective of organizing this meeting, between the businessmen of the two countries is to enhance commercial relations and provide investment opportunities at the beginning of 2016, especially because Ukraine is considered an attractive and rich environment for agricultural, industrial, real estate and tourism investment opportunities as well as other areas.

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