RIYADH — Ukraine's recent high-level business mission to Riyadh has set the stage for what officials describe as a "strategic new phase" in bilateral cooperation, according to Yuri Melnyk, Co-Chairman of the Saudi–Ukrainian Business Council. Speaking to Saudi Gazette after a series of intensive meetings with ministries, regulators and major Saudi companies, Melnyk said the visit delivered the strongest progress in years and directly advanced the commitments made in March between Crown Prince Mohammed bin Salman and President Volodymyr Zelenskyy. Melnyk called the mission "highly productive," noting that many business leaders were visiting Riyadh for the first time. The delegation succeeded in reviving the bilateral Business Council after what he described as a "10-year gap" in structured dialogue. "We were extremely happy that we were able to stop the 10-year gap that was going on between Ukraine and Saudi Arabia," he said. He emphasized that both sides showed a strong commitment to moving forward, adding: "We achieved what was originally set by the countries' rulers, and the agreements are actually working." Melnyk highlighted three major decisions, permanent communication channels between the Business Council and private-sector companies to ensure continuous coordination, eliminating procedural bottlenecks—including certification, accreditation and tax processes—to accelerate investment and shorten timelines, and exchanging investment project portfolios, with both sides presenting proposals during the meeting at the Ministry of Investment. He described the live communication in Riyadh as "very beneficial and very important" for developing trust and reducing delays. While agriculture remains foundational, Melnyk said Ukraine's most strategic opportunities today lie in critical minerals, including graphite, titanium, lithium and other essential industrial materials. The Ukrainian delegation included representatives from BGV, a company active in mining and processing critical materials. Melnyk described the sector as "the most important link to look for," highlighting its relevance to advanced industries and long-term supply security. The delegation also presented projects in pharmaceuticals and medicine, areas where both countries see immediate potential. Meetings with the Saudi Food and Drug Authority (SFDA) provided detailed clarity on regulatory pathways. Ukrainian company ADL Group proposed developing light pharmaceutical production facilities in the Kingdom—an approach Melnyk said would benefit both Saudi Arabia and Ukraine's eventual reconstruction. Agriculture remains one of the strongest pillars of bilateral trade. Melnyk emphasized the role of MHP, Ukraine's leading poultry producer, which has long supplied the Saudi market. He praised SALIC's key investments, including ownership of Continental Farmers Group, and a 13% stake in MHP, acquired in 2025. Melnyk said these investments demonstrate long-term confidence in Ukraine's agricultural strength, noting that even during the war, Ukraine "almost hasn't lost any numbers in exporting food," and continues to feed global markets. Melnyk reiterated that Ukraine will require more than $500 billion in reconstruction funds, based on preliminary assessments by international economists. He stressed that private-sector companies—not only governments—will play the defining role in rebuilding key sectors such as energy and green technologies, food production, agriculture, manufacturing, and healthcare and pharmaceuticals. He said Ukrainian companies are prepared to co-invest, operate and manage projects as part of a partnership model that reduces risk. Trade between the two countries reached $680 million, a figure Melnyk described as positive but still far below potential. During the Riyadh visit, Ukraine presented projects worth more than $1 billion, and Melnyk believes mutual imports and exports could reach "two or three billions more" in the near term. Ukrainian exports to Saudi Arabia remain dominated by food and agricultural products, while Saudi exports to Ukraine focus on energy and chemical materials. Melnyk also said services and tourism could emerge as future sectors. On food security, Melnyk said MHP is advancing along two parallel paths, first joint production inside Saudi Arabia, with commercial discussions already under way, and second restoring poultry exports from Ukraine to the Kingdom, which have temporarily paused. He expressed confidence that these two tracks "can work together and move forward together." Melnyk insisted that Ukraine remains open for investment today, even with the war ongoing. He noted that several sectors continue to develop with support from Ukrainian state funds, grants and international partners. Critical minerals in particular, he said, are located outside conflict zones. He also pointed to existing bilateral investment protection agreements that safeguard Saudi capital. A major cluster project worth $500 million—focused on manufacturing, food production and green energy—was highlighted as ready for development. Melnyk said both countries are "highly interested" in strengthening investment links and building a long-term partnership. He emphasized Ukraine's resilience, saying: "Ukraine is still alive, we hold on, and we look forward to the future." He expressed confidence that through the Business Council, both sides will develop a sustainable mechanism for communication, investment and joint economic progress.
