Trade between Ukraine and India reached a total turnover of $2.8 billion, indicating an 18.8% expansion over the year. The Indian Ambassador to Ukraine Kumar Bharti Manoj said at a press conference in Kyiv on Tuesday, Interfax-Ukraine reports.
“Two important aspects should be pointed out in this respect. India has become the fifth destination for Ukrainian exports. Also, India is the second country, which Ukraine has a trade surplus with. Only Ukraine and Egypt have the larger trade surplus - $1.75 billion, whereas it currently stands at $1.65 billion,” he said.
The ambassador also said that these figures facilitate confidence in the notion that the trade between the two nations in the period of 2018-2019 could expand by 20% and 25% respectively. According to the ambassador, India was the primary destination for the exported sunflower oil from Ukraine. In 2017, India imported close to $2 billion worth of sunflower oil from Ukraine. Additionally, India imported a lot of Ukrainian beans in 2017.
“Another point worth mentioning is the fact the largest share of the total number of foreign students in Ukrainian universities was made up of Indian nationals, a figure reached for the first time in 15 years,” the Indian ambassador noted. According to him, over 10,800 Indian students are now studying in Ukraine, which is 80% more than in 2015. He also said that India intends to increase the number of its nationals receiving education in Ukraine to 40,000 within the next few years, which would generate close to $200 million annually in revenue for Ukraine.
The ambassador also noted the positive impact of the visa liberalization process has had on the tourist flow between the two nations. A total of over 29,400 Indian nationals visited Ukraine last year, showing a 50% increase. Manoj also spoke of possible Indian investments in the Ukrainian pharmaceutical industry.
The Head of the Representative Office of Dia Pharma Limited Ukraine Mr. Pandian Thamarai said that currently, Indian preparations account for 3% of the Ukrainian pharmaceutical market (4.5% in money terms).