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Ukraine pitches for business with India
Thursday, 03 October 2002, 19:30 IST
NEW DELHI: Ukraine Thursday made a strong pitch for strengthening business and trade ties with India, saying it wanted to forge long-term relations in investments and joint ventures.
Ukrainian President Leonid Kuchma, currently on a three-day visit to India, said the steadily growing economies of both nations made them ideal partners. Firms from his country, he noted, were particularly keen on building ties with India's metal and power generation sectors.
Kuchma said his country recorded a nine percent growth in gross domestic product last year while industrial production had increased by 14 percent.
"In addition to that, Ukraine has a stable currency and financial system, significant potential in science and technology as well as in education," Kuchma told captains of Indian industry at a meeting here.
"It means that you have an attractive partner."
Trade between the two sides last year was worth $225 million, with Indian exports amounting to $95.
India imports vegetable oils, fertiliser, steel and iron from Ukraine, while its major exports are minerals, plastic products, cotton garments and pharmaceuticals, which alone account for 30 percent of imports.
"More prospects for cooperation lie in investments, establishment of joint ventures and privatisation," Kuchma said.
Ukrainian firms had a sizeable presence in India during the Soviet era, and Ukrainian experts and agencies helped in the construction of steel and metal works at Bhilai, Bokaro and Visakhapatnam.
Several of India's hydroelectric and thermal power plants too have benefited from Ukrainian technology.
Kuchma said firms from his country were keen on participating in constructing new power projects and refurbishing existing plants. A consortium of Ukrainian steel producers would take part in the renovation and construction of metallurgical facilities.
The Ukranian president also offered to supply modern cargo aircraft like the Antonov-70, environment friendly chemical technologies, turbines and power generation equipment.
"It should be pointed out that some of these projects were jointly developed by Ukraine and Russia and can be implemented in India together with (Russia)," Kuchma told the meeting organised by the Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry.
Indian Minister of State for Commerce Rajiv Pratap Rudy, who also addressed the meeting, said: "Ukraine is of great political, economic and strategic importance to us. We in India believe there is a vast potential for cooperation between the two countries."
During Kuchma's visit -- which coincides with the 10th anniversary of the establishment of diplomatic relations between the two countries -- three agreements on extradition, mutual legal assistance and shipping will be signed.
Since the break-up of the Soviet Union in 1991, India and Ukraine gradually drifted apart as Kiev sought to woo the West in the hopes reaping an economic bonanza.
Bilateral ties suffered a major setback after Ukraine sold 320 T-80UD tanks to Pakistan in 1996. To counter that, India bought 310 T-90 tanks from Russia.
But both countries realise the potential to expand bilateral economic ties.
Ukraine wants a share in Indian steel and power projects while India is looking at that country's hi-tech industries, particularly its engineering base.
Source: IANS
Source: IANS