(MENAFN - Kuwait News Agency (KUNA)) Ukraine's relations with Kuwait were hailed by its Ambassador Extraordinary and Plenipotentiary Volodymyr Tolkach on Sunday during the visit of a commercial delegation to Kuwait.
The delegation's visit is aimed at showcasing to Kuwaiti businessmen Ukraine's investment opportunities, which lie particularly in the fields of the cement industry and agriculture.
Kuwait was one of the first countries in the Gulf to establish diplomatic relations with Ukraine some 20 years ago, Tolkach said. However, he veiwed that trade relations have not risen to the same standards as they currently barely rise above the USD-3.5-million-mark, expressing hope these relations reach USD 15 million later this year.
The Kuwaiti private sector plays a key role in relations between both countries, he said, as Kuwait Energy has invested around USD 120 million in the field of gas excevation in the Ukraine.
Kuwait is also considered one of the top ten nations which provided aid to Ukraine after the Chernobel nuclear disaster, with the Kuwait Fund for Arab Economic Development donating more than USD 11 million, added the ambassador.
Both countries also benefit from a number of bilateral agreements including a treaty to avoid double taxation and others in the fields of sports, culture and investment. An agreement to allow visa-free visits for Kuwaiti tourists to Ukraine is also in the pipeline, he added.