Saudi Arabia, Ukraine seek stronger economic ties as bilateral trade grows 9 percent in 2024

Saudi Arabia and Ukraine issued a joint statement today, announcing plans to strengthen economic cooperation and trade relations. The statement also welcomed the upcoming re-establishment of the Saudi-Ukrainian Business Council in 2025. This follows Ukrainian President Volodymyr Zelenskyy's official visit to Saudi Arabia yesterday.

Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud received President Zelenskyy at Al-Salam Palace in Jeddah, where they held official talks. During the meeting, the two sides reviewed the friendly relations between their countries and expressed their desire to strengthen cooperation in various fields. President Zelenskyy congratulated Crown Prince Mohammed on Riyadh's successful bid to host the 2030 World Expo and the Kingdom of Saudi Arabia's successful bid to host the 2034 FIFA World Cup.

During the meeting, the two leaders praised the strong economic ties between Saudi Arabia and Ukraine, and emphasized the importance of taking joint action to expand trade volume, which grew by 9% in 2024. Both sides agreed on the need to overcome challenges facing the development of trade relations, and stressed the importance of strengthening official mutual visits, exchanges of trade and investment delegations, encouraging the establishment of joint ventures, and exploring existing opportunities in both countries, including Saudi Arabia's "Vision 2030" and Ukraine's reconstruction projects.

Officials from both sides also affirmed their determination to strengthen investment relations by establishing promising investment and economic partnerships in priority areas for both countries, including energy, the food industry, and infrastructure. Furthermore, they welcomed the ongoing communication between the public and private sectors of both countries through seminars, mutual visits, and the holding of joint investment forums and events, thereby empowering the private sector, creating a favorable environment for investment, and addressing any challenges faced by investors.

Saudi Arabia and Ukraine also expressed their desire to explore opportunities for cooperation in the fields of oil, natural gas, and their derivatives and petrochemical products. In addition, they welcomed the expansion of private sector participation in both countries through investment partnerships in the agricultural sector and agreed to strengthen cooperation between the two countries in the fields of agriculture and food security.

President Zelenskyy and Crown Prince Mohammed also discussed the latest developments on issues of common concern, exchanged views on regional and international issues of interest to both countries, and emphasized their determination to strengthen cooperation and joint coordination on these issues. They also reviewed the efforts made to achieve a comprehensive, just, and lasting peace in Ukraine.

At the end of the visit, President Zelenskyy expressed his thanks and appreciation to the Crown Prince for the warm reception and generous hospitality, and wished the friendly Saudi people greater progress and prosperity. The Crown Prince also wished President Zelenskyy good health and the friendly Ukrainian people continued progress and prosperity.