Luxembourg among Ukraine’s promising trade partners

Luxembourg among Ukraine’s promising trade partners

Luxembourg is one of the promising trade partners of Ukraine.

First Deputy Prime Minister – Minister of Economic Development and Trade of Ukraine Stepan Kubiv said this during a meeting with Minister of Agriculture, Viticulture and Rural Development of Luxembourg Romain Schneider in the framework of his working visit to Luxembourg on March 14, the Government portal reported.

The parties discussed the development of promising areas of cooperation between the two countries, in particular, the agribusiness.

"Luxembourg is one of the promising trade partners of Ukraine. In 2018, trade turnover between the countries increased by 28% to USD 89.58 million. Luxembourg is also among the top 10 European largest investors in Ukraine. For the first 10 months of 2018, Luxembourg invested USD 489.29 million to the Ukrainian economy," Kubiv stressed.

He emphasized the importance of concluding the Intergovernmental Agreement on Economic Cooperation designed to develop bilateral cooperation and to implement important strategic projects between the countries.

"This agreement should become an important component for the creation of the Ukraine-Luxembourg Mixed Commission for Trade, Economic and Financial Cooperation within the framework of which issues related to intensification of bilateral cooperation in many directions will be considered," Kubiv said.

The deputy prime minister outlined the agricultural sector as a promising one, where Ukraine is one of the world leaders in the export of agricultural products, and is therefore interested in expanding trade opportunities.

"According to the priorities set by President Petro Poroshenko, the development of agro-industrial complex is a promising area of bilateral cooperation between Ukraine and Luxembourg. In this context, Ukraine is interested in exporting grain and leguminous crops to Luxembourg," Kubiv stated.

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