Monday, March 13, 2006

Investment: Saudi Arabia and Ukraine to establish joint investment company

Saudi Arabia and Ukraine, are to establish a $1 billion joint investment company to set up joint ventures in the Kingdom and promote exports in other countries.

Ukraine's Ambassador Leonid Hurianov and the Head of Trade and Economic Mission at the Ukraine Embassy Oleg Todchuk, told Arab News, a decision to this effect was taken at the second meeting of the Saudi-Ukrainian Intergovernmental Committee on Trade, Economic, Scientific and Technical Cooperation held in the Ukrainian capital Kiev.

Recently a 40 strong Saudi delegation led by Minister of Commerce and Industry Dr. Hashim Yamani, spent four days in Ukraine, during which they signed two protocols for investment protection and investment promotion between the two countries.

It was also decided to set up a joint shipping company as part of the move to bolster bilateral trade to $1 billion by 2007.