Saudi Arabia and Ukraine emphasize strong economic ties and keenness to enhance trade exchange Saudi-Ukrainian Joint Business Council to be reestablished this year

JEDDAH — Saudi Arabia and Ukraine commended the strong economic ties between the two friendly countries and emphasized the importance of joint action to develop the volume of trade exchange. The two sides also welcomed the upcoming reestablishment of the Saudi-Ukrainian Business Council in the current year itself.
This was revealed in a joint statement issued following the state visit of Ukrainian President Volodymyr Zelenskyy to Saudi Arabia on Tuesday. The statement highlighted the official discussion session between Saudi Crown Prince and Prime Minister Mohammed bin Salman and Zelenskyy. During the talks, they reviewed the aspects of the distinguished relations between the two friendly countries, and expressed their desire to enhance them in all fields. President Zelenskyy congratulated the Crown Prince on the occasion of Riyadh winning the bid to host the World Expo 2030, and the Kingdom winning the bid to host the FIFA World Cup 2034.
The two sides commended the strong economic ties between the two friendly countries. 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, including the projects of the Kingdom's Vision 2030, and the Ukraine's reconstruction programs. They also welcomed the upcoming reestablishment of the Saudi-Ukrainian Joint Business Council in 2025.
The two leaders affirmed their determination to enhance investment relations by creating promising investment and economic partnerships in priority sectors for both countries, including energy sector, food industries, and infrastructure. 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 private sector, creating an appropriate environment for investment, and addressing any challenges facing investors. They expressed their aspiration to discuss cooperation opportunities in the fields of oil, gas, their derivatives, and petrochemicals.
The Crown Prince and Ukrainian president 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. The two sides discussed the latest developments of 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 reviewed the efforts to achieve comprehensive, just and lasting peace in Ukraine. The Saudi side expressed its hope that these efforts will be successful in ending the war in line with the international law and the UN Charter, including respect to the principles of sovereignty, internationally recognized borders, in a way that leads to ending its negative repercussions on international security and stability, stopping the human suffering of civilians, achieving nuclear and food security, environmental protection, and demining of territories.
The Ukrainian side expressed its appreciation for the efforts made by Saudi Arabia in this regard, and expressed its gratitude for the humanitarian and development aid provided by the Kingdom to 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. The Crown Prince also conveyed his best wishes for good health and well-being to President Zelenskyy, and for continued progress and prosperity to the friendly Ukrainian people.