STEPS TOWARDS CLOSER COOPERATION

Preparation for the International Business Forum on Ukraine – UAE economic cooperation scheduled to be held in October 2008, in Ukraine (Kiev, AR Crimea, Odessa, Dnipripetrovs’k and other major cities), became the main theme of these negotiations. UAE side will be represented not only by people from Dubai but also by major businessmen from other emirates and government officials of UAE.Ukraine will be represented by major businessmen, parliament deputies and ministers of Ukraine and the Autonomous Republic of Crimea. Ukraine’s Prime Minister Ms. Julia Timoshenko is expected to open the International Business Forum on UAE – Ukraine Economic Cooperation. Negotiations on participation of Ukraine’s President Victor Yuschenko in the forum are underway. Under the program of the Forum, the Emirates delegation is to have meetings with the Cabinet of Ministers of Ukraine, certain ministries and other government agencies. The Forum’s agenda provides for participation of the Forum guests in the following industry sections meetings: metallurgy, construction materials, chemical industry, agriculture, real estate and agriculture.

During the negotiations in Dubai between Advisor to Prime-Minister of Ukraine and the President of DCCI, the parties reached an agreement on providing the necessary assistance in establishing contacts between the local businesses and representatives of Ukrainian business that arrived in Dubai upon the invitation from Ukrainian Trade Center.

In 2007, representatives of Ukrainian business, met with Mr. Al Matrooshi, CEO of Emaar Properties, one of the largest construction companies in UAE.

At that time the parties negotiated the possibility of granting several construction projects in Crimea to this Emirates company, with the total estimated cost of US$150 – 250 million and more.

With direct support from Sergey Pachkovskiy, General Director of Ukrainian Trade Center, Ukrainian delegation conducted negotiations not only with the CEO of Emaar Properties, Mr. Al Matrooshi, but also with the management of the National Bank of Dubai. The main goal of this meeting was to establish business cooperation with such reputable and influential financial structure as the National Bank of Dubai. Parties mentioned the International Business Forum on UAE – Ukraine Economic Cooperation during all meetings at the negotiations. Mr. Al Matrushi, CEO of this company may decide to take part in the visit of the UAE delegation to Ukraine for the purpose of participation in this important forum. He agreed to the personal invitation of Sergey Pachkovskiy, General Director of Ukrainian Trade Center during their latest meeting where the parties discussed prospects of cooperation between Emaar Properties, Ukrainian Trade Center and Investment and Privatization Assistance Fund.

Sergey Pachkovskiy also passed the invitation for UAE – Ukraine economic cooperation forum to the Chairman of the Board of Emaar Properties Group, Majid S. Al Gurayra and the Chairman of the Board of the National Bank of Dubai, Mr. Dovi. Ukrainian Trade Center and Ukraine – UAE Business Council see their goal in the elimination of barriers hindering the cooperation between the entrepreneurs of Ukraine and UAE. All these issues are to be discussed at the coming International Business Forum on UAE – Ukraine Economic Cooperation.

It would be naive to think that just one business-forum would remove all the issues, though such meetings could provide an impact towards the improvement of trade and economic relations between the countries. Prior to the forum in Ukraine another business-forum in the UAE will be held in October, 2008 (Abu Dhabi & Dubai). It is always easier to develop success rather than try to make the initial progress.