The Ambassador of Ukraine to the Kingdom of Saudi Arabia held a meeting with the leading and most influential businessmen of Saudi Arabia, where, inter alia, he discussed opportunities for attraction of investment to the economy of Ukraine.
Following the meeting, it was announced that Saudi Arabian investors are willing to invest around USD 10.5 billion into Ukrainian agricultural sector. Such large figure is due to the upcoming decision of the Saudi Arabian government to suspend local cultivation of wheat and other crops within three years. Therefore, in order to fulfill the needs of its growing population and secure stable supply of food, Saudi Arabia looks for the opportunities to invest into foreign agricultural sectors.
Naturally, Ukraine has a lot to offer. Agriculture is one of the most attractive sectors of the Ukrainian economy. According to the Ministry of Agrarian Policy and Food of Ukraine, agriculture provides 14% of the total GDP of Ukraine. Exports of the agricultural sector in 2015 amounted to USD 14.6 billion, representing the unprecedented 38.2% of Ukraine’s total exports. Last year the agricultural sector attracted over one billion USD of investment. There are over 3 million people employed in agricultural industry, which constitutes more than 17% of all employed persons in Ukraine.