India and Ukraine Chamber of Commerce to be set up
An India-Ukraine Chamber of Commerce will be established in the upcoming months in an effort to strengthen commercial ties. The Chamber will work to increase opportunities for investment and cooperation in industries including infrastructure and power with the help of the Ukrainian government.
India and Ukraine Chamber of Commerce to be set up: Key Points
- The event happened after Emine Dzhaparova, Ukraine’s first deputy foreign minister, visited India.
- Dzhaparova recommended during the tour that Indian infrastructure companies take part in the restoration of Ukraine, which is at war with Russia.
- The private sectors in both countries were unable to interact and look for opportunities in the absence of a chamber of commerce.
- In the coming months, efforts are being made to create such a body, according to people with knowledge of the situation.
India and Ukraine Trade Relations:
- The Ukrainian Embassy in India reports that in 2021, bilateral trade between India and Ukraine totaled $3.45 billion.
- Ukraine sold fertilisers and vegetable oils worth $2.49 billion to India, but it also received $961.2 billion worth of commodities from that country.
- Pharmaceuticals and electrical equipment made up its two primary imports.
- India and Ukraine have signed a number of agreements over the past 20 years in a variety of industries, including the promotion of investment, standardisation, merchant shipping, research, and technology.
- However, since its conflict with Russia erupted in February 2022, Ukraine’s GDP has experienced a sharp decline.
- Various estimates place Ukraine’s economy’s pre-war size at between a third and half of what it is today.
- Ukraine’s economy has been severely hampered by its year-long conflict with Moscow, the destruction of important industrial districts, and relentless strikes on its electrical infrastructure.
- According to a calculation made by the World Bank, the European Commission, and Ukrainian authorities, Kyiv’s economy would need to be rebuilt with close to USD 349 billion.
How did India support Ukraine?
- India has supported Ukraine by sending numerous batches of emergency medical supplies and humanitarian aid.
- New Delhi agreed to give Ukraine school buses during the recent visit of deputy foreign minister Emine Dzhaparova to India. Discussions about commerce and the economy also took place during Minister Dzhaparova’s visit.
- Additionally, Kyiv asked India to provide additional humanitarian aid and urgent relief.