The two sides welcomed the upcoming reestablishment of the Saudi-Ukrainian Business Council in 2025
Saudi Arabia and Ukraine issued today a joint statement, outlining their plans to enhance economic cooperation and trade ties. The two sides also welcomed the upcoming reestablishment of the Saudi-Ukrainian Business Council in 2025. This came following President of Ukraine Volodymyr Zelenskyy’s official visit to Saudi Arabia yesterday.
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, received President Zelenskyy at Al-Salam Palace in Jeddah where they held an official discussion session.
During the meeting, the two sides reviewed the aspects of the distinguished relations between the two friendly countries and expressed their desire to enhance them in all fields. Zelenskyy congratulated Prince Mohammed on Riyadh winning the bid to host the World Expo 2030, and the Kingdom winning the bid to host the FIFA World Cup 2034.
Saudi Arabia, Ukraine seek stronger trade ties
During the meeting, the two leaders commended the strong economic ties between Saudi Arabia and Ukraine. They noted the importance of joint action to develop the volume of trade exchange, which reached a growth rate of 9 percent in 2024.
They also agreed on the need to overcome the challenges facing the development of trade relations, the importance of intensifying official visits, mutual trade and investment delegations, encouraging the establishment of joint projects and exploring available opportunities in the two countries. This includes the projects of Saudi Arabia’s Vision 2030 and Ukraine’s reconstruction programs.
Investment relations to grow
The two officials also affirmed their determination to enhance investment relations by creating promising investment and economic partnerships in priority sectors for both countries, including the energy sector, food industries and infrastructure.
Moreover, they welcomed the continuous communication between the public and private sectors in the two countries through workshops, exchanging visits, holding joint investment forums and events, empowering the private sector, creating an appropriate environment for investment and addressing any challenges facing investors.
Saudi Arabia and Ukraine also expressed their aspiration to discuss cooperation opportunities in the fields of oil, gas, their derivatives and petrochemicals. Additionally, they welcomed the expansion of private sector involvement in the two countries through investment partnerships in the agricultural sector and the food industries and agreed on the importance of enhancing cooperation between them in the fields of agriculture and food security.
Read: UAE approves National Investment Strategy 2031, plans $65.4 billion in annual foreign inflows
Achieving lasting peace in Ukraine
Zelenskyy and Prince Mohammed also discussed the latest developments on issues of common interest, exchanged views on regional and international issues of concern to the two countries, and stressed their determination to enhance cooperation and joint coordination regarding them. They also reviewed the efforts to achieve comprehensive, just and lasting peace in Ukraine.
At the conclusion of the visit, President Zelenskyy expressed gratitude and appreciation to the Crown Prince for the warm reception and generous hospitality extended to him and his accompanying delegation, and his best wishes to the friendly Saudi people for further progress and prosperity. For his part, the Crown Prince conveyed his best wishes for good health and well-being to President Zelenskyy, and for continued progress and prosperity to the friendly Ukrainian people.
