Svyrydenko stressed that Ukraine’s economic growth requires higher levels of investment inflows into the country than at present
Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, stated that the signing of the Comprehensive Economic Partnership Agreement (CEPA) with the UAE is an important step toward establishing a strong economic foundation for a shared developmental leap into a new economic era.
In statements to WAM, Svyrydenko emphasized that the private sector and business communities in both countries will play a pivotal role in driving trade and investment efforts. She also noted that Ukraine held meetings with the private sector in Abu Dhabi to explore sectors with the highest potential for future growth, particularly energy projects, logistics and transportation, healthcare and the manufacturing industry.
Ukrainian economy to grow over 2-3 percent in 2025
The Ukrainian economy minister noted that there are many promising opportunities for companies from both the UAE and Ukraine and that the CEPA will serve as a catalyst for economic growth.
The Ukrainian economy grew by 5 percent in 2023 and by 3.6 percent in 2024, with positive growth exceeding 2-3 percent expected in 2025. However, Svyrydenko stressed that this requires higher levels of investment inflows into Ukraine than at present.
She also noted that over the past two years, investment inflows into Ukraine reached approximately $8 billion. Svyrydenko also emphasized that Ukraine needs greater investments in its assets and capital, as it aims to modernize its infrastructure, not only to restore what previously existed but to build a modern state based on new principles and approaches that enhance its competitiveness and achieve sustainable development. She also explained that the private sector will play a key role in the reconstruction and recovery efforts of Ukraine.
Agreement to enter into force this year
For his part, Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, said that the UAE-Ukraine CEPA is expected to enter into force this year.
Al Zeyoudi emphasized that this significant agreement aligns with the forward-looking vision of the UAE’s leadership, which underscores the importance of enhancing international cooperation in trade and investment as the best guarantee for establishing peace, stimulating growth and promoting global prosperity.
The agreement aims to double the trade volume between the two countries. Despite the ongoing war in Ukraine, non-oil bilateral trade reached $372.4 million in 2024, whereas in 2021, trade stood at $904.4 million, reflecting a 28.4 percent growth compared to 2020.
Al Zeyoudi explained that the agreement benefits both countries by expanding the UAE’s trade partnerships, marking it as the third trade agreement signed by the UAE with a European nation. At the same time, Ukraine is one of the world’s leading producers and exporters of grains such as wheat and barley, two critical commodities for achieving the UAE’s national food security objectives.
He also noted that the agreement aims to support Ukraine’s economic recovery efforts once peace is restored in the region and to open new markets for Ukrainian products.
The agreement will also create a new platform for investment partnerships between business communities in both the UAE and Ukraine, focusing on promising sectors such as infrastructure, heavy industries, aviation, space sciences and information technology.
Read: UAE, Ukraine sign CEPA: Deal expected to contribute $369 million to the UAE’s GDP by 2031
CEPA to contribute $874 million to Ukraine’s GDP by 2031
Under the terms of the CEPA, 99 percent of Ukrainian imports of UAE goods and 97 percent of Ukrainian exports to the UAE will be exempt from customs duties with immediate effect.
The agreement is expected to contribute $369 million to the UAE’s GDP and $874 million to Ukraine’s GDP by 2031. It will also accelerate Ukraine’s economic recovery and create new opportunities for cooperation in sectors such as infrastructure, heavy industry, aviation, aerospace and information technology.
The CEPA is part of the UAE’s broader efforts to expand its global trade partnerships and enhance investment opportunities across multiple sectors. International trade remains a cornerstone of the UAE’s economic strategy, with a goal of increasing non-oil trade to AED4 trillion by 2031.
Since launching its global trade agenda, the UAE has signed 24 CEPAs with key regional and global trade partners, covering markets home to approximately 2.5 billion people—one-quarter of the world’s population. These agreements are driving growth in critical sectors such as logistics, clean and renewable energy, advanced technology and sustainable food systems.