How Saudi–Ukrainian Business Relations Are Growing Stronger in the New Phase
A recent high-level Ukrainian business mission to Riyadh has marked a turning point, signaling what officials are calling a “strategic new phase” in economic relations between Saudi Arabia and Ukraine. The visit, described by Yuri Melnyk, Co-Chairman of the Saudi–Ukrainian Business Council, as “highly productive,” has breathed new life into a partnership that had seen a decade of slowed dialogue.
The mission directly advanced the commitments made between Crown Prince Mohammed bin Salman and President Volodymyr Zelenskyy in March, achieving what Melnyk termed the strongest progress in years. A key outcome was the revival of the bilateral Business Council itself, ending a ten-year gap in structured communication. “We achieved what was originally set by the countries’ rulers, and the agreements are actually working,” Melnyk stated.
Building Bridges and Removing Barriers
The discussions yielded concrete mechanisms to accelerate cooperation. The two sides established permanent communication channels between the Business Council and private-sector companies to ensure continuous coordination. A major focus was eliminating procedural bottlenecks—streamlining processes around certification, accreditation, and taxes to shorten investment timelines. Furthermore, both parties exchanged detailed investment project portfolios during meetings at the Ministry of Investment, laying a tangible foundation for future deals.
Moving Beyond Agriculture: Critical Minerals and Pharmaceuticals
While agriculture remains a foundational pillar of trade, the mission highlighted Ukraine’s strategic shift towards new sectors. Melnyk identified critical minerals—including graphite, titanium, and lithium—as “the most important link to look for,” given their relevance to advanced industries and long-term supply security. The delegation included representatives from mining and processing firm BGV, underscoring this priority.
Significant potential was also found in pharmaceuticals. Ukrainian company ADL Group proposed developing light pharmaceutical production facilities in the Kingdom, an initiative seen as mutually beneficial for Saudi healthcare and Ukraine’s future reconstruction. Meetings with the Saudi Food and Drug Authority (SFDA) provided crucial clarity on regulatory pathways, removing a key hurdle for collaboration.
The Enduring Strength of Agricultural Ties
The agricultural link remains robust. Melnyk highlighted the role of MHP, Ukraine’s leading poultry producer, a long-standing supplier to Saudi Arabia. He praised strategic Saudi investments, such as SALIC’s ownership of Continental Farmers Group and its 13% stake in MHP, acquired in 2025, as demonstrations of long-term confidence. Remarkably, even during the war, Ukraine has sustained its food export levels, continuing to feed global markets.
A Vision for Reconstruction and Shared Growth
With Ukraine’s reconstruction needs estimated at over $500 billion, Melnyk emphasized that private-sector partnerships will be defining. Ukrainian companies are prepared to co-invest and operate in key sectors like energy, green technology, agriculture, and manufacturing. A major $500 million cluster project combining manufacturing, food production, and green energy was presented as ready for development.
Despite the ongoing conflict, Melnyk insisted Ukraine is open for business, noting that critical mineral resources are located outside conflict zones and that existing bilateral investment protection agreements safeguard foreign capital. Current bilateral trade stands at $680 million—a positive figure, but one both sides believe can multiply rapidly, with projects worth over $1 billion already presented in Riyadh.
This new phase moves beyond traditional trade patterns. While Ukrainian exports to the Kingdom are dominated by food and Saudi exports by energy and chemicals, the future holds promise in services, tourism, and co-production. On food security specifically, MHP is pursuing a dual track: restarting poultry exports from Ukraine and establishing joint production facilities inside Saudi Arabia.
Through revived dialogue and a clear framework for action, Saudi Arabia and Ukraine are building more than just trade links—they are forging a resilient, long-term economic partnership rooted in mutual strategic interest and shared confidence in the future.
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