In order to promote commercial connections, an India-Ukraine Chamber of Commerce and Industry (IUCCI) was established. With the assistance of the Ukrainian government, the Chamber will endeavor to expand prospects for investment and cooperation in industries such as infrastructure and power, as well as to deepen trade and economic ties.
Emine Dzhaparova, Ukraine’s deputy foreign minister, recently visited India. Throughout the visit, Dzhaparova proposed that Indian infrastructure corporations assist in Ukraine’s recovery. In the absence of a chamber of commerce, both countries’ private sectors were unable to connect and explore their potential. According to those familiar with the situation, attempts were made by officials of both nations to establish this body.
The Ukrainian Embassy in India estimates that bilateral commerce between India and Ukraine will amount to $3.45 billion in 2021. While Ukraine supplied $2.49 billion in vegetable oils and fertilizers to India, it imported $961.2 million in commodities from India. Pharmaceuticals and electrical machinery were their principal imports.
Bilateral commerce between the two countries has increased dramatically over the last 25 years, reaching about $2.8 billion in 2018–19. India is Ukraine’s greatest Asia-Pacific export destination and its fifth-largest overall export destination. Ukraine’s main exports to India are agricultural products, metallurgical products, plastics and polymers, and so on, whereas India’s main exports to Ukraine are pharmaceuticals, machinery, chemicals, food products, and so on. A number of Indian corporations, including Ranbaxy, Dr. Reddy’s Laboratories, and Sun Group, maintain representative offices in Ukraine. In Ukraine, representatives from major pharmaceutical businesses have also formed the ‘Indian Pharmaceutical Manufacturers’ Association. India and Ukraine have signed many Memorandums of Understanding and Agreements in various fields, such as diplomacy, visas, consular matters, trade and commercial matters, space, science and technology, defence, and so on.
Over the previous two decades, India and Ukraine have inked a plethora of agreements in a variety of industries, including investment promotion, standardization, merchant shipping, and science and technology. According to estimates from the World Bank, the European Commission, and Ukrainian authorities, Kyiv will require close to USD 349 billion to rebuild its economy. Other estimates, including those of senior Ukrainian authorities, have been significantly higher.
India has stepped up its support for Ukraine by sending multiple supplies of humanitarian aid and emergency medical equipment. During Deputy Foreign Minister Emine Dzhaparova’s recent visit to India, New Delhi also pledged to provide Ukraine with school buses. Economic and trade issues were also discussed during Minister Dzhaparova’s visit. Ukraine has also requested further humanitarian aid and emergency relief from India.
